Company Expanding, Adding Jobs in Covington
Indy Honeycomb is expanding its South Covington facility with a $915,000 investment and the addition of thirteen new jobs. The company, located on Mary Laidley Drive, currently employs twenty-nine people at its manufacturing plant. Governor Steve Beshear announced today that the Commonwealth of Kentucky has preliminarily agreed to tax incentives up to $200,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
“Incentives like this allow our business to move more decisively and proactively,” said Indy Honeycomb President Steve Barnett. “We now have the ability to provide additional space, equipment and technology to our committed team of employees, which allows us to better serve current customers and new clients alike. Having the ability to move on this initiative now, as opposed to waiting, helps us remain on the leading edge of our niche market.”
Indy Honeycomb manufactures metal honeycomb, a product used for many military, commercial and industrial applications, including parts for aircraft engines and power generation turbines. The company has been in business since 1996, and has been operating in its current Covington location since 1998. With growing demand and exports going to 20 countries, the company plans to double production space, add office space and purchase equipment.
“Indy Honeycomb’s success can be traced to their early business vision – to make a complex product simple and easy to buy. That concept clearly works,” said Gov. Beshear. “Now, the Commonwealth is partnering with Indy Honeycomb to see the company continue to grow and succeed, and the addition of 13 jobs and a $915,000 investment are proof of that success.”
The company had recently been honored for granting leave and providing support to those employees called to active military duty, according to the company's website.
“It’s a pleasure to congratulate a local employer in the success of its people and business model,” said Sen. Jack Westwood, of Erlanger.
“It’s great to see a company like Indy Honeycomb, who has been a member of our business community for nearly 15 years, continue to invest in our region and provide jobs to our people,” said Rep. Tom Kerr, of Taylor Mill. “It is companies like Indy Honeycomb that have helped make Kenton County and northern Kentucky an outstanding place to do business and increased our importance as an economic hub for Kentucky and the Tri-State region.”
“We welcome the expansion of Indy Honeycomb, one of Covington’s most progressive businesses within the manufacturing sector,” said Covington Mayor Chuck Scheper. “The company’s technical expertise and product use within the commercial, military and industrial markets are well respected. Covington celebrates and thanks Indy Honeycomb for its vote of confidence as it continues to grow in our city and in northern Kentucky.”
“The Indy Honeycomb expansion clearly endorses the momentum we are experiencing in northern Kentucky and our advanced manufacturing sector,” said Gary Moore, chairman of Northern Kentucky Tri-ED and Boone County judge-executive. “Our existing industry base is the foundation of our success and Indy Honeycomb’s commitment to the northern Kentucky region is exciting for all of us. We congratulate the company and look forward to winning their confidence every day.”
SOURCE: RCN & news release
PHOTO: Expansion of Indy Honeycomb facility in South Covington