KY: Governor Beshear Announces Expansion of Neogen Corporation in Lexington
29 Jun, 2011
Animal healthcare company to create 75 new jobs, invest more than $5.6 million
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Governor Steve Beshear recently joined community leaders and officials from Neogen Corporation in Lexington to announce the company will expand its Fayette County footprint with the addition of a 100,000-square-foot facility on Mercer Road. The project will generate a capital investment of more than $5.6 million and will create 75 new jobs over the next several years.
“Kentucky is proud to be the home of globally successful companies, such as Neogen, and is even more proud when those companies continue to reinvest in their Kentucky operations,” said Gov. Beshear. “The 75 new jobs and more than $5.6 million investment that are being created as a result of Neogen’s expansion will have a significant impact on the Lexington community. We are pleased to be part of that growth.”
Neogen’s Lexington-based Animal Safety Division manufactures and distributes a variety of animal healthcare products, including diagnostics, pharmaceuticals, veterinary instruments, wound care and disinfectants. The company has had a presence in the community for more than two decades and currently employs close to 130 people at its existing locations on Nandino Boulevard and Creative Drive. The Creative Drive operations will be consolidated into the new Mercer Road facility.
“We’re thrilled to be able to stay and grow within Lexington,” said Terri Morrical, Neogen’s vice president of animal safety. “For quite some time, we had been clearly outgrowing our facilities and we investigated many alternatives, both near and far, to best suit our expanding needs. Working closely with state and local officials, we realized that staying here was our best choice. The Mercer Road facility represents an excellent solution for our growth plans.”
Founded in 1982, Neogen Corporation (NASDAQ: NEOG) has grown to more than 600 employees in multiple U.S. and international locations. The company develops, manufactures and markets a diverse line of products dedicated to food and animal safety. Neogen has been repeatedly named to Forbes Magazine’s list of the Best Small Public Companies in America.
“This is a great day for Fayette County and the surrounding area,” said Sen. Julian M. Carroll, of Frankfort. “This expansion is not just an investment by Neogen, but is also an investment by the Commonwealth of Kentucky in our local economy. This new facility will provide additional well-paying jobs for the Fayette County area. Neogen is a good neighbor and I am pleased it has chosen to grow its operation right here in central Kentucky. I also appreciate Gov. Beshear for taking the lead to support Neogen’s expansion.”
“Neogen is one of Lexington’s crown jewels, so the company’s plans to expand are certainly great news for our community,” said Rep. Jesse Crenshaw, of Lexington. “I really appreciate their willingness to invest further in this region, and I am pleased that the state is able to work with the company to make this possible.”
The Kentucky Economic Development Finance Authority preliminarily approved Neogen Corporation for tax incentives up to $2 million through the Kentucky Business Investment program. The performance-based incentive allows the company to keep a portion of its investment over the term of its agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
“Neogen and Lexington are a good fit,” said Lexington Mayor Jim Gray. “Our economy needs the high-quality jobs the company provides, and Lexington with its highly educated workforce and outstanding quality of life, is a place Neogen can thrive. We are excited about their growth.”
“The growth of our existing businesses is vital to our economy,” said Commerce Lexington President & CEO Bob Quick. “Neogen’s growth will provide even more high-quality jobs to our citizens. We are very pleased that the Animal Safety division calls Lexington home.”
For more information on Neogen, visit www.neogen.com.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky.
A detailed community profile for Lexington (Fayette County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=053.