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FAST LANE - July
2002
STATE
Economy, Terrorism Causes Drop in State’s Tourism
 Tourism
generated $768.1 million in state taxes and $138.2 million in local
taxes across the state of Kentucky during 2001, making the tourism industry
Kentucky’s third-largest revenue-producing industry and the state’s
second largest employer.
The 2001 figures
were down slightly from 2000, which State Tourism Development Secretary
Ann Latta attributed to a sluggish economy and the events of September
11, “which left the entire country’s tourism industry reeling.”
Though the state’s
overall tourism figures dropped .7 percent, six of Kentucky’s nine
tourism regions – Green River, Cave, Southern Kentucky Lakes &
Rivers, Bluegrass and Eastern Highlands-North, and Eastern Highlands-South
– actually experienced modest increases. All are predominately
rural settings, noted Latta, which are more dependent on auto-driven
pleasure travel than business travel involving air transportation.
LOUISVILLE
 New
on the YUM! Brands Menu: ‘Fast Casual’ Asian
Yum! Brands, Inc.
– the parent company of KFC, Taco Bell, Pizza Hut, Long John Silver’s
and A&W – has launched a joint venture agreement with Hong
Kong-based Favorite Restaurants Group to test Asian food in a “fast
casual” restaurant format.
The restaurants
will be called Yan Can, after the renowned celebrity chef Martin Yan,
who will consult on the restaurant design and menu development. Yan
is the host of the acclaimed “Yan Can Cook” show, seen in
more than 70 countries, including nearly 250 markets across the U.S.
The first Yan Can restaurant opened in San Francisco last month, and
will offers fast casual dine-in and take-out menus developed by Yan,
whose name and likeness appears on all interior and exterior restaurant
signage.
The average meal
is priced between $6.50 - $7.50 and features Yan’s signature sauces,
such as Kung Pao, Black Bean and Sweet and Sour, on chicken, beef, shrimp
and vegetable Wok favorites and Grill specialties.
The joint venture
plans to open up to five Yan Can Restaurants by year’s end, and
then determine future expansion plans.
“America loves
Asian food. We’re excited to test this new restaurant concept with
Martin Yan, who is to Asian food what Colonel Sanders is to KFC,”
said David Novak, Yum! Brands chairman and CEO.
STATE
State Launches Reward Program for Buying Locally
Restaurant owners
and caterers now have an extra incentive to buy locally-grown products
thanks to a new program initiated by Partners for Family Farms and the
Kentucky Department of Agriculture.
Under the newly-announced
Kentucky Restaurant Rewards program, participating restaurants and caterers
that purchase Kentucky products are reimbursed for a portion of their
advertising based on total purchases. Advertising dollars must be used
to promote local products.
For more information
and specific program guidelines, contact Tess Caudill, of KDA’s
Division of Livestock, Poultry and Forage Promotion, by phone at (502)
564-3956 or by email at tess.caudill@kyagr.com.
LEXINGTON
PSC Approves Acquisition of Ky.-American
 Amid
much local controversy regarding the ownership of the area’s water
provider, the Kentucky Public Service Commission has approved the acquisition
of Kentucky-American Water Co. by the Thames Water Aqua Holdings GmbH,
a subsidiary of the German utility company RWE AG.
The acquisition
is part of RWE’s $7.6 billion purchase of American Water Works
Co., the parent company of Kentucky-American Water. American Water Works
is the nation’s largest publicly-traded enterprise devoted exclusively
to the water and wastewater business.
However, the commission’s
approval did come with some stipulations. Among the list of 56 conditions,
Kentucky-American is not permitted to file any rate increases before
March 16, 2004; no reductions in the workforce can be implemented for
at least two years (aside from any changes planned before the merger);
and all existing labor agreements must be maintained. In addition, the
company’s involvement in the community must remain at a level comparable
to that prior to the acquisition.
Kentucky-American
Water Company serves approximately 290,000 people in the Lexington-Fayette
Urban County area and parts of Scott, Bourbon, Jessamine, Woodford,
Clark, Harrison, Owen, Grant, and Gallatin counties.
LEXINGTON
New Company Focuses on High Performance, Leadership
Training
 Central
Kentucky businesses have a new resource with the opening of Worksmart,
LCC, a new management training and consulting firm located in Lexington.
Led by Marilyn Clark,
former vice president and station manager at WLEX-TV, Worksmart offers
services including high performance workshops, leadership training,
team building, personal effectiveness, organizational development (including
organization assessment and strategic planning), partnership selling,
management consulting, and public relations and marketing consulting.
“Most organizations
have great expertise in an area, but poor management of their resources,
especially people,” notes Clark. “People – not things
or technology – are the most valuable asset of any organization.
I want to empower organizations and individuals to reach their full
potential – that’s my mission.”
For information
on services or workshops call Worksmart at (859) 977-0121 or visit www.worksmartky.com.
SPRINGFIELD
Alltech to Open State’s First Biorefinery in
Springfield
 Alltech,
a multi-national biotechnology company, is opening a new production
and research facility in Springfield, Kentucky, approximately 60 miles
from the company’s Nicholasville headquarters.
In addition to housing
production and research, the new 85,000-square-foot facility will also
serve as home to the state’s first biorefinery, where crops and
by-products from agricultural and forestry industries can be processed
into higher-value products. For instance, corn, wheat and other cereal
grains can be processed into products such as soy-based diesel and ethanol,
reducing dependency on foreign petroleum products.
“Implementing
the biorefinery concept would put Kentucky at the forefront of a new
era of agriculture-based technology and ensure a future for many in
the agriculture industry,” said Alltech President Pearse Lyons,
Ph.D. “We are committed to bringing this concept to reality for
the benefit of the state’s farmers and economy.”
Since its inception
in 1980, Alltech has grown to be one of largest animal health companies
in the world, with four bioscience centers, 13 manufacturing facilities,
more than 1,200 employees and distribution in over 65 countries.
The Springfield
facility is expected to create about 20 jobs in the first year, paying
approximately $30,000 per year.
STATE
Kentucky Schools Receive Federal Grant to Ease Nursing
Shortage
Nine Kentucky nursing
programs have received more than $460,000 from the U.S. Department of
Health and Human Services to improve both the number and quality of
nurses.
The funds are part
of a $30 million grant program to address the nation’s shortage
of nurses. Studies have shown that the demand for nursing services is
growing faster than the number of trained nurses, placing an increasing
strain on the nation’s healthcare system. Of the $30 million, $22
million is being distributed to colleges, universities and other organizations
to increase the number of nurses with advanced degrees and help improve
the quality of care for elderly patients. The remaining $8 million is
to repay educational loans of clinical care nurses who agree to work
for two or three years in designated public or nonprofit health facilities
facing a critical shortage of nurses.
LOUISVILLE
Ford Shifts Gears to Increase its Production of Super
Duty Trucks
 Ford
Motor Company is in the process of modifying a number of areas
at its assembly plant in Louisville with plans of increasing production
of F-series Super Duty pick-up trucks by as much as 30,000.
The planned increase
of the Super Duty vehicles, which includes the F-250 and F-350 models,
is in response to dealer requests for more of the vehicles.
That request comes
as a pleasant, though challenging surprise for Ford, which has been
struggling financially and in January eliminated one of its three assembly
shifts working the Super Duty and Excursion lines at the Louisville
plant.
Company officials
say that the production increase will not result in recalling those
shift workers, however, since Excursion sales remain sluggish.
SOUTH CENTRAL REGION
Surrounding Counties Prepare to Accommodate Transpark
Spin-offs
 Officials
in Allen and Edmonson Counties are implementing measures to ensure they
are prepared to accommodate spin-off industries from the proposed Kentucky
TriModal Transpark in nearby Warren County.
If completed as
envisioned, the transpark will encompass 4,000 acres in northern Warren
County that will be served by rail, highway and air transportation.
Allen County has
requested $400,000 in state funding to help purchase and develop more
industrial land over the next several years. County officials say the
necessary infrastructure is already in place, with further improvements
to highway and interstate access now in progress.
Allen County is
also planning to begin work on a new speculative building. A recently
completed facility in the county’s industrial park is already occupied
by Jasco International, an automotive parts supplier that began operations
last month.
Efforts are also
in motion to continue development of Edmonson County’s planned
industrial park, according to Dennis Griffin, economic development consultant
for the county.
CAMPBELLSVILLE
New Program Boosts Efforts to Improve Appalachian
Education
A Campbellsville
University program to assist culturally and economically disadvantaged
students in Appalachia and South Central Kentucky has received a three-year
commitment of $300,000 from the Richard D. VanLunen Foundation of Columbia,
Maryland.
The funding will
enable Campbellsville University to create a Comprehensive Educational
Experience program (CEE) that will target disadvantaged students who
are under-educated and under-prepared for the academic demands of higher
education.
University President
Dr. Michael V. Carter said that Campbellsville University averages 100
prospective students who are academically ineligible and another 125
who are enrolled in college remediation courses. Approximately 50 percent
of the private university’s student body is composed of first-generation
college students as well.
“Campbellsville
University has been long known for its commitment to train and support
those who lack sufficient opportunities, especially those who are first-generation
college students,” said Carter. “We believe that education
is one of the most effective ways to change a society and we are committed
to enabling these undereducated youth to succeed in college as well
as in the workforce.”
LOUISVILLE
Fischer Closes Meat-Packing Plant; Moves Operations
to Owensboro
After almost 100
years in business, the Fischer Packing Co. is closing, leaving 225 workers
without jobs. The plant’s operations will be moved to the Field
Packing plant in Owensboro. Both Fischer and Field are owned by SMG
Inc., the meat-processing subsidiary of Premium Foods Group Inc. Premium,
headquartered in Crestview Hills, Ky., bought the two companies late
last year.
According to SMG
officials, both the Fischer and Field plants have been operating under
capacity, but the company elected to consolidate in Owensboro because
it is a more modern facility.
Company officials
said Fischer employees will have the option of transferring to one of
SMG’s other plants as they become open. SMG has plants in Chicago;
Williamston, N.C.; Bloomfield, Conn.; and Humboldt, Iowa.
MURRAY
Pella Corp. to Open Manufacturing Facility in Former
Mattel Plant
 The
Pella Corp., a manufacturer of windows and doors, has announced plans
to open a new facility in Murray, occupying a portion of the space left
vacant by the departure of Mattel Inc. earlier this year.
Mattel left Murray
as the result of a company realignment that consolidated its North American
operations. The California toymaker employed approximately 1,000 people
in Murray.
Iowa-based Pella
will initially employ approximately 100 workers but that number could
rise as high as 500 within the next few years, according to officials
with the Murray-Calloway County Economic Development Corp. The company
will take over 733,000 square feet that was formerly the manufacturing
portion of the Mattel facility. The remaining 817,420 square feet that
served as Mattel’s distribution facility is still being marketed.
BOWLING GREEN
DESA Files Chapter 11 Bankruptcy; CEO Says No Job
Cuts Planned
DESA International,
a leading manufacturer of home heaters, has filed for Chapter 11 bankruptcy.
Officials with the Bowling Green-based company said that production
problems, a mild winter and the economic slowdown combined to create
financial problems that were simply insurmountable.
“For several
years ... we have been burdened by a level of debt that has hampered
our growth and earnings potential,” said W. Michael Clevy, president
and CEO of DESA . “The reorganization we are pursuing will enable
us to make a fresh start. The new DESA will be a stronger, healthier
company, with reduced debt and a new ownership structure.
DESA has secured
$35 million in debtor-in-possession financing through the Bank of America
that will enable the company to continue purchasing supplies and meeting
payroll. The company also plans to sell the majority of its operating
assets by fall.
Clevy emphasized
that no job losses or plant closings are planned. DESA employs 900 people
at its two locations in Bowling Green and has plants in Tennessee, California,
New York, Mexico, Hong Kong, the United Kingdom, Italy and the Netherlands.
“Many companies,
large and small, have gone through this kind of reorganization, have
continued to operate normally throughout the reorganization, and have
emerged as financially strong enterprises,” Clevy said. “This
is fully what we intend to do.”
FLORENCE
$44M Citicorp Expansion Cited as One of the Nation’s
‘Top 10 Deals’
 Just
five years after establishing its credit card operations center in Florence,
Citicorp Credit Services has added a new 180,000-square-foot facility
at its 81-acre campus there, adding up to 2,000 jobs to its existing
staff of 1,500.
To put the expansion
into perspective, consider the fact that the $44 million project was
recently named as one the “Top 10 Deals of 2001” by Site Selection
magazine, which noted that “it's not every day that a major financial
services company decides to triple the size of its work force in a single
location.”
In citing the factors
that played into Citi's choice to expand in Kentucky, Gregg Morton,
site president for the Boone County facility, praised state, county
and local government for offering a strong, stable business climate
along with a dedicated workforce, affordable housing, good transportation
systems and modern telecommunications systems.
STATE
BB&T Names Three as Presidents to Lead its Kentucky
Regions
 BB&T
Corp., which purchased MidAmerica Bancorp/Bank of Louisville and Owensboro-based
AREA Bank earlier this year, has appointed presidents to lead its three
operating regions in Kentucky.
Rick Guillaume will
head BB&T’s new Louisville Metro Region and has also been named
president of the company’s Kentucky operations. Guillaume previously
served as vice chairman and chief executive officer of MidAmerica Bancorp
and the Bank of Louisville, its primary subsidiary.
 F.
Lee Hess will serve as president of BB&T’s Lexington-based
Central Kentucky Region, which includes Fayette, Clark, Estill, Washington,
Laurel, Pulaski, Wayne and Russell counties. Hess formerly served as
president and chief executive officer of Vine Street Trust Company,
a subsidiary of AREA Bancshares Corp.
John Ray, former
chief operating officer of AREA Bancshares Corp., has been named as
president of the Owensboro-based Western Kentucky Region, which encompasses
Daviess, McLean, Barren, Warren, Logan, Christian, Lyon, Livingston,
McCracken and Calloway counties.
BB&T’s
acquisition of AREA and MidAmerica moved BB&T from 32nd to third
place in Kentucky market share with more than $5 billion in assets.
The company now has approximately 100 bank branches in Kentucky.
STATE
Kentucky Virtual University Now Open to West Virginia
Students
 The
Kentucky Community and Technical College System (KCTCS) and the Kentucky
Virtual University (KYVU) have entered into a partnership to provide
as many as 400 students enrolled in West Virginia community and technical
colleges with access to Kentucky’s distance learning courses, beginning
next fall.
The online academic
and training programs will be offered to West Virginia students at a
reasonable out-of-state tuition rate. West Virginia students will register
for the online courses and receive credit through their home institutions.
All of West Virginia’s public community and technical colleges
will participate in the course offerings.
Since beginning
in the fall of 1999 with 235 students, KYVU has grown to more than 6,200
students.
STATE
Two Kentucky Firms Recognized on Entrepreneur’s
‘Hot 100’ List
Two Kentucky companies
have been named to Entrepreneur magazine’s “Hot 100,”
a listing of the fastest-growing small businesses in the U.S.
Louisville-based
Thoroughbred Technologies, which remanufactures ink jet cartridges,
was listed at #86 on the list. Founders Mark and James Appleberry started
the company in September 2000 with three employees and $500,000 in bank
loans and personal savings. The business now has a staff of 29 and saw
2001 sales of $1.4 million.
At #89 is S.J. Cox
Enterprises, Inc., an underground utility contractor located in Flemingsburg.
From its beginnings in April 2000 with two employees and a $3,300 bank
loan, the company now employs 18 people and 2001 sales of $1.7 million.
The “Hot 100”
list is based on company information submitted to Entrepreneur by its
owners. In order for a business to be considered for the list, it must
meet the following criteria:
- The founder must
be actively involved in daily operations and own a controlling interest
in the business.
- The business
must have been founded no earlier than 1999.
- Annual sales
for 2001 must have exceeded $1 million.
- The company meets
the Small Business Administration’s definition of a small business,
based on the company’s number of employees and sales figures
(which vary according to industry).
STATE
Executives Step Up to the Plate to Launch KFC’s
New Palate-Pleaser
Business
Briefs
ANDERSON COUNTY
- Briarcreek Enterprises
has purchased 142 acres of farmland between KY 44 and US 62 for $2.2
million dollars. Plans call for a 229-home development that company
officials say will feature architecturally diverse designs and neighborhood
shopping.
BATH COUNTY
- The Bath County
Agricultural Education and Marketing Center has been awarded $450,000
in federal funding, which will be used to expand the existing Farmer’s
Market, provide a new facility for value-added processing and expand
markets for area farmers’ produce.
BOWLING GREEN
- A new $6 million
aluminum processing facility is set to open next month at the South
Central Kentucky Industrial Park. Owl’s Head Alloys, owned by
David Bradford, is expected to employ up to 30 people during its first
year of operation.
- Fruit of the
Loom has officially emerged from bankruptcy and is now a wholly-owned
subsidiary of Berkshire-Hathaway. The company’s headquarters
and management team will remain in Bowling Green. Fruit of the Loom
employs approximately 23,000 people in 50 locations, including some
1,100 in Bowling Green.
BOURBON COUNTY
- Bourbon County
has paid $180,000 for a former auto dealership to house a new farmer’s
market funded by state and federal grants.
BULLITT COUNTY
- Ohio-based Union
Tools has announced plans to locate a 300,000-square-foot distribution
center in Bullitt County, employing 110 people with an average salary
of around $21,000.
CAMBELLSBURG
- 421 Investments
Ltd. is developing an 80-acre business and residential park off Highway
421 near Interstate 71. The project is planned to be built in three
phases: The first phase calls for several hotels, office buildings,
restaurants and retail stores to be built on 22.76 acres. The second
and third phases will feature 120 apartments and 100 single-family
homes.
CARROLL COUNTY
- LG&E is planning
to field test a multi-pollutant control process at its Ghent generating
facility that will use a process that removes sulfur dioxide (SO2)
and nitrogen oxides (NOx) from plant emissions and converts the left-over
material into a granular fertilizer.
CASEY COUNTY
- The Casey County
school system is partnering with the Casey County Area Technology
Center to develop a plan in which the Technology Center would offer
credits for college while students are still in high school. The center
offers classes in accounting/finance, automotive, electrical, horticulture,
office and welding, and hopes to add a health sciences program next
year.
ELIZABETHTOWN
- Voters in Elizabethtown
have decided in favor of allowing restaurants that seat more than
100 and earn more than 70 percent of their money from food to sell
alcohol. The issue was turned down in 1995 and 1998; however, those
measures called for allowing all types of alcohol sales.
- Bed, Bath &
Beyond, a national chain of home furnishing stores, has selected Elizabethtown
as the site for its fourth Kentucky store. The 19,000-square-foot
store will be located in Mall Park Center and is expected to open
in November.
FRANKLIN
- Smurfit-Stone
Container Corp. has been awarded a five-year contract with Tyco Adhesives
to supply all of Tyco’s packaging. As a result, Smurfit-Stone
is adding 50,000-square-feet to its existing 42,000-square-foot facility
and plans to purchase approximately $500,000 in new equipment. An
additional 10-15 employees will also be hired.
HARRODSBURG
- One of the state’s
oldest commercial buildings may be demolished. The historic Hat Factory
building, built in 1795, needs to be moved in order to make way for
the expansion of a nearby church. Original plans to move the structure
to another downtown site fell through.
HEBRON
- Comair Inc. has
announced plans to close its Orlando hub, where it employs some 400
workers. Pilots and flight attendants based in Orlando will be moved
to Dallas within the coming year. Officials with the Hebron-based
regional carrier say the company plans to scale back its service in
the Florida market to focus on business travelers.
HIGHLAND HEIGHTS
- A decreased demand
for its wire and cable products has resulted in General Cable Corp.
closing two of its seven U.S. plants and selling a small specialty
cable business based in the United Kingdom. The shutdown of the Monticello,
Ind. and Sanger, Calif. plants will eliminate approximately 200 jobs.
General Cable, based in Highland Heights, develops, designs and manufactures
copper, aluminum and fiber-optic wire and cable products for the communications,
energy and industrial markets. The company recently announced that
it plans to “substantially reduce” its production of communications
cable due to low demand.
- Gov. Paul Patton
appointed Covington attorney Martin C. Butler to the board of regents
of Northern Kentucky University. Butler is replacing Bill Erpenbeck,
who resigned earlier this year in the wake of investigations regarding
his residential building company.
KOALTOWN
- Appalachian Regional
Hospital has approved the purchase of 4.4 acres in Koaltown, where
it plans to renovate a vacant building to house the Cumberland Valley
Primary Care Clinic, which currently operates in Lynch. When the $1.7
million project is complete, the new facility will feature a drive-thru
pharmacy, lab, x-ray machines, and a clinical area for up to five
practitioners. In addition to its major emphasis on cardiology, the
clinic will also offer rehabilitation services, urology, OB-GYN, ophthalmology
and other specialties.
KUTTAWA
- Construction
is scheduled to begin this summer on a $2 million plant for Alliance
Surface Finishing, a new company that is expected to employ 100 people
within two years. The plant is being built on land provided by Diversified
Decorative Plastics, which will be a customer of Alliance. Alliance
will provide plastic-plating services for the automotive, plumbing,
appliance and electronics industries.
LAUREL COUNTY
- In an effort
to attract large industry to the area, The Laurel County Industrial
Development Authority has applied for nearly $1 million in state grants
and loans to upgrade the Laurel County Industrial Park. The funds
will be used to improve the park’s sewer system, a vital factor
in recruiting new industry.
- The Wilderness
Trail Beef Marketing Alliance has been awarded a lease on 15 acres
of land near KY 30, where it plans to build a cattle shipping/ receiving
station. The alliance – which serves Laurel, Knox, Whitley, Jackson,
Clay, Bell, Harlan and Rockcastle counties – is constructing
the center to help provide an alternative to tobacco farming and reduce
the costs involved for area farmers to sell and transport their herds.
LEXINGTON
- The owners of
Fayette Mall have purchased 24.8 acres adjoining the mall from Verizon,
providing new opportunities for expansion. Verizon currently has several
buildings on the property, which it will lease from CBL & Associates
Properties, Inc. for the immediate future until more definite plans
are in place. CBL, headquartered in Chattanooga, Tennessee, purchased
Fayette Mall in early 2001.
- The Kentucky
Horse Park will be running its second in a series of international
exhibits next year with a new major exhibit, “All the Queen’s
Horses: The Role of the Horse in British History.” The event
will run from April 26-August 24, 2003, featuring some 350 artifacts
and paintings valued at more than $100 million. The park’s first
international exhibit, Imperial China: The Art of the Horse in Chinese
History, attracted nearly 200,000 visitors to the Bluegrass in 2000.
- First Security
Bank of Lexington is expanding its mortgage business with the acquisition
of First Mortgage Co. Inc. The company plans to operate the business
as First Security Mortgage Company of Kentucky.
LONDON
- A group of London
doctors has teamed with Jewish Hospital of Louisville to open a new
cardiac catheterization lab. In addition to advanced heart diagnostic
equipment, The Heart Center will also offer a telemedicine link, giving
patients immediate access to the cardiac surgeons associated with
Jewish Hospital, one of the top heart hospitals in the country.
LOUISVILLE
- Churchill Downs
is currently undergoing a $30 million renovation that will add luxury
suites and meeting rooms atop the existing three-story grandstand.
- The U.S. Customs
Service has moved from downtown Louisville to Louisville International
Airport. The relocation will allow customs inspectors to process international
passenger and cargo flights more efficiently.
- National Processing
Inc. plans to close its operations in Juarez, Mexico and relocate
the work presently being done there to existing facilities in the
U.S. President/CEO Thomas Wimsett said the company’s shift from
a paper-based operation to one that is primarily electronic eliminated
the need for labor-intensive operations that are cheaper overseas.
In another decision, the company has said it plans to discontinue
processing debit and credit card transactions for airlines. Such transactions
account for approximately seven percent of the company’s consolidated
revenue.
- Brown and Williamson
Tobacco Corp. is updating its packaging of Kool, its flagship brand
of cigarettes. The bright green or blue monochrome packs are designed
to target 21-to-30-year-old consumers. Kool currently ranks second
behind Lorillard Tobacco Co.’s Newport brand in that market segment.
- Brown Forman’s
new Jack Daniel’s Original Hard Cola is now available in bars
and restaurants across the country and will be available on grocery
shelves beginning in September. The St. Louis firm of Ar-nold Worldwide
has been selected to handle advertising for the new flavored malt
beverage, plans to promote the product with a decidedly masculine
feel. Mike Smith and Dave Swaine, the minds behind the infamous “Bud-Weis-Er”
frogs have been signed on to handle the account.
 Dana
Allen, a vice president for Brown-Forman, Corp. has been tapped as
one of “20 Women to Watch” by Advertising Age magazine.
Since joining the company in 1981, Allen has had the distinction of
being Brown-Forman’s first female state manager (in Connecticut);
introduced Gentleman Jack, the company’s first new whiskey in
over 100 years; and worked on a variety of other new products. Now
global brand director for BF’s Southern Comfort liqueur, the
Louisville native has overseen three consecutive years of growth for
the previously flat-selling brand.- Airguard Industries
Inc., which manufactures commercial air-filtration products, plans
to relocate 31 employees from its warehouse/distribution center in
New Albany, Indiana to a 99,000-square-foot facility at Louisville’s
Jefferson Riverport International.
- Norton Healthcare
has teamed with Fannie Mae and the Housing Partnership Inc. to develop
an Employee Assisted Housing Plan, which will provide $5,000 loans
to Norton employees buying their first homes. The loans are forgivable
over a four-year period for employees who remain with the company.
- Jewish Hospital
has purchased PNC Bank’s property in downtown Louisville for
$4.3 million. The hospital plans to spend approximately $1 million
to renovate the 177,000-square-foot space, which will eventually house
around 300 employees.
- Almost Family
Inc., which provides adult day care services under the name Caretenders,
has signed an agreement to purchase the assets of MedLink of Ohio
for $3.2 million. MedLink is a home- and community-based healthcare
services company with operations in Cleveland and Akron.
- The board of
directors of Trover Solutions has authorized the repurchase of $10
million in common shares. The company recently completed its repurchase
of $10 million shares under a 1999 program. Trover Solutions, a division
of Healthcare Recoveries, provides insurance subrogation and other
claims-recovery services.
- Genlyte hit the
news as one of the national media darlings last month, receiving attention
in Forbes magazine’s listing of the “400 Best Big Companies,”
where it ranked 142 on the list based on its long- and short-term
growth and return on capital, plus other performance and valuation
measures. The Louisville-based company, which produces and sells lighting
fixtures and controls, was also selected as one of Business Week’s
“100 Hot-Growth Companies,” measured by the last three years
of sales growth (12.9 percent), earnings growth (11.6 percent) and
return on invested capital (8.3 percent).
- Louisville’s
chamber of commerce, Greater Louisville Inc., has announced plans
to form a committee to create a plan that will guide future decisions
and funding regarding local entertainment and leisure activities,
ranging from performing arts to sports facilities. The initiative
is part of the chamber’s efforts to keep and attract young professionals.
- Tumbleweed, Inc.,
which operates Tex-Mex-style restaurants in seven states and international
locations, has been approved to transfer its common stock from the
NASDAQ Stock Market to the NASDAQ Small Cap market. The company will
continue to trade under the symbol TWED. Tumbleweed was informed in
spring that it would be “delisted” from the NASDAQ exchange
because it failed to meet the NASDAQ requirement of maintaining a
public float of $5 million or more.
- Anson Stamping
Co., a stamping, assembly and machine operation has had to close its
doors after losing a contract with GE, its largest customer. The company
also handled work for Whirlpool, Borg-Warner Automotive, and Oreck
Holdings, but the loss of volume provided by GE was too large to maintain
plant operations. The shut-down means the loss of 86 jobs.
MAYFIELD
- An industry-wide
slowdown has put plans on hold for Southwest Tire Mold’s move
from Arkansas to the Hickory Industrial Park. Hiring was originally
planned to begin this past spring, with the expectation of employing
up to 50 people over the next two years. Southwest, which services
and repairs tire molds, had hoped to double its sales by moving to
western Kentucky, where it would be near the Continental and Goodyear
plants located in Mayfield and Union City (TN), respectively.
NEWPORT
- Employees of
the Newport Steel Corporation have approved a three-year agreement
that will take them through April 2005. Newport President & CEO
Rene Robichaud said he was pleased with the employees’ support
of the contract, which “enables the company to continue to improve
efficiency and competitiveness while providing improvements in wages
and benefits.” The company’s hourly employees are represented
by the United Steelworkers of America.
OLDHAM COUNTY
- Commercial production
of electricity has officially begun at Dynegy Inc.’s 500-megawatt,
natural gas-fired power plant in Oldham County. The new plant, which
is designed to operate when the demand for power is greatest, is one
of the first merchant plants – those which sell electricity on
the open market – in the state. The project has been a source
of controversy since it was announced in 1999, with opponents claiming
the plant would be harmful to the environment and create health problems.
Though the plant is now operating, some legal challenges remain unsettled.
OWENSBORO
- Hugh Haydon has
resigned as president and chief executive officer of the Owensboro-Daviess
County Chamber of Commerce and Industry to accept a position with
the Kentucky Cabinet for Economic Development.
PADUCAH
- Western Baptist
Hospital is slated to break ground this month on a $15.5 million facility
that will house the Center for Digestive Diseases. Nationally, digestive
disease disorders account for more than 10 million hospitalizations
each year.
- In the face of
weak sales due to the recession, Michelson Jewelers Inc. is closing
its five jewelry stores located outside of Paducah and plans to turn
its Paducah location into a jewelry “superstore.” Michelson
stores in Mayfield; Murray; Cape Girardeau, Missouri; Carbondale,
Illinois and Union City, Tennessee are expected to close by mid-September.
RADCLIFF
- Construction
has begun on a 168-acre business complex being developed on the north
end of Hardin County. The Millpond Business Center will feature seven
lots ranging in size from eight to 26 acres.
RICHMOND
- Pharmacology
Toxicology Research Laboratory has filed for Chapter 11 bankruptcy
protection as a result of cash flow problems created by a slowdown
in the research sector. However, officials with the Madison County-based
pharmaceutical company say they do not plan to lay off any of their
23 employees, most of whom hold post-graduate degrees and earn salaries
ranging between $60,000 and $120,000 per year. Founded in 1984, the
company originally dealt with the research, development and registration
of agricultural chemicals. The firm now creates formulas for medicines
and also handles pre-employment drug testing for the equine industry.
ROGERS
- The Cliffview
Resort, a popular inn and conference center situated on 1,500 acres
near the Red River Gorge, has been purchased by Cliffview Development
LCC of Lexington from owners Valerie and Richard White of Morehead.
Along with the hiring of a new chef to oversee food service, the resort
has resumed its popular weekend cookouts. Daily horseback rides into
nearby Cowan Fork Gorge are also being offered during the summer months.
SHELBYVILLE
- Landmark Community
Newspapers, headquartered in Shelbyville, has purchased the Las Vegas
(New Mexico) Optic, a daily newspaper with a circulation of 4,100.
Landmark publishes 48 newspapers in 12 states along with 66 special
interest/shopping guides and operates 17 web offset commercial printing
plants.
SHEPHERDSVILLE
- Construction
is expected to be complete this month on a new 427,500-square-foot
spec building at Cedar Grove Business Park. The building is set on
44 acres near I-65 and lies within a foreign trade zone, which allows
companies to defer duty charges. The building is the third facility
in the region for Atlanta-based Robert Patillo Properties, Inc., which
has contracted Stephen C. Gault Co. to market the property.
SHIVELY
- The Kellogg Co.
is plannaing to invest $45 million to renovate its Mother’s Cookie
Co. plant in Shively. The Michigan-based company has been approved
to receive $9 million in tax credits through the Kentucky Industrial
Revitalization Act, which encourages companies to renovate plants
that might otherwise close due to lack of profits or up-to-date equipment.
The plant currently employs more than 650 people. The company must
retain an employee base of at least 500 in order to qualify for the
state incentives.
WEST LIBERTY
- Morehead State
University has opened a $6 million classroom building in West Liberty,
featuring a 260-seat auditorium, three distance-learning technology
classrooms, and computer labs and classrooms.
STATE
- The Small Business
Administration has named Darrell Maynard as its Kentucky Entrepreneur
of the Year. Maynard is president of SouthEast Telephone, a Pikeville-based
company he started in 1995 with two employees and a vision to serve
Eastern Kentucky as the “home phone company.” Today SouthEast
has 50 employees serving 15,000 telephone subscribers and more than
13,000 Internet access customers in 27 counties.
- Alltel, the Arkansas
company that is acquiring Verizon Communications, has said it plans
to expand its presence in Kentucky, adding approximately 150 new employees
and expanding high-speed Internet service to Barbourville, Burnside,
Campbellsville, Columbia, Flemingsburg, Glasgow, Greensburg, Greenup,
Irvine, Lancaster, Lebanon, Leitchfield, Olive Hill and Russell. The
new jobs will be in the areas of sales, service activation, customer
service, engineering and technical support.
- Toyota Motor
Manufacturing has awarded $1.2 million in college scholarships to
100 high school students across the nation through its Toyota Community
Scholarship program. The program recognizes students who excel in
academics, effective leadership and have made a difference in their
communities through volunteer service. The scholarships are valued
at $20,000 or $10,000 each, over four years, for study at a four-year
college or university.
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