WALTON, KY (FOX19) - Governor Steve Beshear today announced Lyons Magnus Inc. plans to expand operations in northern Kentucky, adding 50 jobs and investing $5 million in the project.
"Lyons Magnus has found a perfect fit in northern Kentucky, with a number of logistical and workforce advantages," said Gov. Beshear. "This expansion means new jobs and millions of dollars in investment, providing a clear picture of the success the company is enjoying in the Commonwealth."
Founded in 1852, Lyons Magnus develops and markets products for the foodservice industry. With more than 120 current employees in Boone County, the company plans to purchase land to build a new facility for food processing, warehousing space and shipping, as well as add a new production line at its existing operation.
"We are excited to continue the expansion of our Kentucky facility as we grow our market share in the foodservice and industrial markets we serve," said Lyons Magnus Chairman and CEO Robert Smittcamp. "The Kentucky facility is an important asset as this location allows us to service 60 percent of the U.S. population from this central location. We appreciate Kentucky's willingness to assist our expansion efforts, as well as the positive business climate that allows us to execute our strategic planning on a timely basis."
To encourage the investment and job growth in northern Kentucky, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $400,000 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.