KY: Governor Beshear Announces Amfine Chemical to Reinvest in Hopkinsville Plant
28 Mar, 2011
Company to invest $2.7 million, adding second reactor vessel
Gov. Steve Beshear recently joined community leaders and officials from Amfine Chemical Corporation in Hopkinsville to announce the company will update its existing facility, investing more than $2.7 million, to meet growing demand and position itself for long-term growth. The project will also allow the company to maintain its existing 45 employees, while adding another two hires.
“This reinvestment project demonstrates the ability Kentucky now has to help its existing industries become more competitive, while maintaining Kentucky jobs,” said Gov. Beshear. “I’m pleased the Commonwealth and Amfine Chemical were able to partner together to make this investment possible.”
Amfine Chemical is a manufacturer of plastic additives and PVC stabilizers for the North and South American automotive industries. The Hopkinsville plant, which began operations in 2000, will be expanded by 2,000 square feet. The investment will add a slurry holding/second reactor vessel and will allow the company to export product to support the growing needs of its parent company, ADEKA, in Asia, while supporting its sales growth in the United States.
“This $2.7 million process reactor vessel expansion will provide enough capacity to meet company needs for several years. Additionally, it will also ensure the Kentucky plant remains competitive with its sister plants outside of the U.S., therefore ensuring the future of the Kentucky plant operation and its jobs.” said Steve Buchanan, vice president of production and plant manager of Amfine Chemical Corporation in Hopkinsville. “The foresight of Governor Beshear’s administration with the Kentucky Cabinet for Economic Development’s Kentucky Reinvestment Act incentives played a significant role in the company’s evaluation of the expansion project location, making it economically feasible to proceed with the project.”
The Kentucky Economic Development Finance Authority preliminarily approved Amfine Chemical for tax incentives up to $900,000 through the Kentucky Reinvestment Act. The incentive program was expanded in the Governor’s Incentives for a New Kentucky bill in 2009 to assist companies that need to make significant capital investments in Kentucky facilities in order to remain competitive.
“This is an exciting announcement for our community and for western Kentucky,” said Sen. Joey Pendleton, of Hopkinsville. “Amfine Chemical is a good corporate neighbor and, on behalf of our community, I appreciate Governor Beshear taking the lead to support our Amfine employees and their families. This investment will provide additional jobs and additional opportunities for our citizens.”
“This announcement is good news both for those families who depend on these jobs and for the state as a whole,” said Rep. John Tilley, of Hopkinsville. “I want to thank Amfine Chemical for deciding to invest more in our community. It’s another step forward in the continued improvement of our local economy.”
“Amfine Chemical plays an important role in both our economy and in the livelihood of our citizens,” said Rep. Myron Dossett, of Pembroke. “When so many communities throughout our Commonwealth are struggling with unemployment, I’m pleased to see the appropriation of these funds that will aid in retaining 45 jobs.”
“Amfine Chemical is a great corporate citizen and I am very excited that they have chosen to grow their business in our community,” said Hopkinsville Mayor Dan Kemp. “Our Japanese companies are a vital component of our local economy. I am pleased that we continue to strengthen these relationships and highlight the fact that Hopkinsville is a great place to do business.”
“Just a short time ago, we celebrated Amfine Chemical’s 10th anniversary in our community. Today we have the privilege of announcing the company’s decision to expand its operations,” said Christian County Judge Executive Steve Tribble. “We look forward to many more years of continued success and partnership.”
For more information on Amfine Chemical, visit www.amfine.com.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.
A detailed community profile for Hopkinsville (Christian County) can be viewed at www.thinkkentucky.com/EDIS/cmnty/index.aspx?cw=020.