Thursday, July 1, 2010

Swedish Match to Invest $3.7 Million in Owensboro Plant to Retain 300 Jobs

OWENSBORO, Ky. (July 1, 2010) Demonstrating the state's commitment to support its existing industries, Gov. Steve Beshear today visited Owensboro to announce an investment by Pinkerton Tobacco that will reinvest in the Owensboro plant and preserve 296 jobs in the community.

Pinkerton Tobacco, a subsidiary of Swedish Match, North America, plans a significant investment in its Owensboro plant that will allow the company to upgrade its facility and retain nearly 300 employees.

"Today's announcement that Pinkerton Tobacco will reinvest in its plant, retaining another 296 jobs, is fantastic economic development news for Owensboro and Kentucky," said Gov. Beshear. "I am pleased that the Commonwealth could once again partner with our existing industries to create employment opportunities and secure additional capital investments in Kentucky facilities."

Pinkerton Tobacco, which was established in Owensboro in 1973, produces smokeless tobacco products under the brand name of Red Man, Timber Wolf, Longhorn and Renegades at its 450,000 square-foot Owensboro plant. The company will invest $3.7 million in equipment upgrades that will allow for a continued production level, retention of the current market and the ability to maintain an existing workforce of 296 people. The reinvestment project will also encourage projections of up to 10 percent annual growth.

The Kentucky Economic Development Finance Authority preliminarily approved Pinkerton Tobacco for tax incentives up to $1.85 million through the Kentucky Reinvestment Act, a program that was expanded in the Governor's Incentives for a New Kentucky bill last summer to assist companies that need to make significant capital investment in Kentucky facilities in order to remain competitive.

“Swedish Match/ Pinkerton has been a longstanding corporate partner in the Owensboro region," said Daviess County Judge Executive Reid Haire. "Their growth and long-term commitment speaks volumes about the good things happening in Owensboro and Daviess County.”

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