Gov. Beshear to speak on L'oreal expansion in Florence Thursday - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

L'oreal to add more than 200 jobs in NKY

Gov. Steve Beshear Gov. Steve Beshear

Governor Steve Beshear has announced an expansion for global cosmetics and hair care manufacturer L'Oréal USA, which plans to add 211 jobs and invest more than $42 million in Northern KEntucky.

Gov. Beshear met with L'Oréal officials in Paris during an economic development trip to Europe this summer to discuss the company's Kentucky footprint and growth opportunities. 

"L'Oréal is a household name, a global brand and a leader in its industry," said Gov. Beshear. "We're proud to have L'Oréal in northern Kentucky and excited to see more than 200 new jobs and a $42 million investment on the way. The Commonwealth's partnership with L'Oréal demonstrates the quality of workforce in northern Kentucky, as well as the advantages that come with such an ideal location for business."

"L'Oréal's business is growing globally, and the expansion will enable us to meet increased consumer demand for the popular hair care brands we are producing in Kentucky," said Eric Wolff, plant manager. "The Florence plant is a center of manufacturing excellence for the L'Oréal Group, and the decision to expand US production here will result in significant economic benefit for Kentuckians."

Kentucky's foreign direct investment (FDI) continues to grow, as the Commonwealth is now home to more than 420 foreign-owned companies from 30 nations, employing nearly 78,000 people. European-owned companies represent a large portion of that FDI, with approximately 180 companies that employ nearly 26,600 people. 

To encourage the investment and job growth in Northern Kentucky, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $5 million 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. 

KEDFA also approved L'Oréal for tax benefits up to $800,000 through the Kentucky Enterprise Initiative Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.

 Copyright 2012 WXIX. All rights reserved.

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