FRANKFORT, Ky. (Feb. 3, 2016) – In a project expected to bring 40 new jobs, Custom Resins Inc. plans to double the size its plant in Henderson and increase capacity with an investment of up to $12 million, Governor Matt Bevin announced today.
Custom Resins produces specialty nylon resins used for molded parts including automotive components. The company plans to build a 100,000 square-foot addition to house up to eight compounding extruders and peripheral equipment. Construction could start later this year.
“These 40 new jobs being created by the Custom Resins expansion are a powerful boost to the local economy in Henderson County. Manufacturing jobs are the economic backbone of America, and we want the world to know that Kentucky is the perfect place to make quality products. Northwest Kentucky should be proud of maintaining a pro-jobs atmosphere that encouraged one of its long-time employers to expand,” Gov. Bevin said.
Custom Resins General Manager Herb Rawlings said Kentucky’s and the local region’s advantages of location, infrastructure, cost of energy and labor market played into the decision.
“With the help of Kyndle and state economic development agencies, we were able to make this project happen,” Rawlings said. “Custom Resins has been making specialty nylon resins at the Henderson site for nearly 60 years. With this expansion we will be able to reach new markets and make new resins from sustainable, bio-based raw materials. We are excited to be able to expand on our commitment to our customers and the Henderson community.”
With about 35 million pounds of annual production capacity, the Custom Resins plant operates 24-7. By adding new reactors and other equipment, the plant will be able to polymerize newly developed nylon resins using sustainable raw materials.
Its parent company, Polymeric Resources Corporation, also operates facilities in Wayne, N.J. and Ontario, Canada. Together, its facilities produce nylon resin for further processing into residential and commercial carpet, packaging, injection-molded products, wire and cable sheathing and lawn, garden and power tool products.
Sen. Dorsey Ridley, of Henderson said he is glad to see Custom Resins succeeding.
“I look forward to the expansion, especially because of the resulting new jobs. Our community welcomes this growth and is ready to fill any new positions with skilled workers,” Ridley said. “Custom Resins has been a good corporate partner and we look forward to building on that relationship as the company continues to grow and prosper.”
“This is great news for our community, especially for those who work – or soon will – for Custom Resins,” said Rep. David Watkins, of Henderson. “I’m hoping news like this will lead other companies to join them in similar expansions.”
Kyndle CEO Brad Schneider said Custom Resins, long a stalwart of the Henderson County corporate community, has been a terrific employer.
“That company leadership would reaffirm its commitment and appreciation for Northwest Kentucky by investing in and expanding their local facility is truly gratifying,” Schneider said. “We are proud that Custom Resins calls Henderson County home.”
“To see a local industry expand is a real shot in the arm. Custom Resins has been a viable company in Henderson County for many years,” Henderson County Judge-Executive Hugh McCormick said. “The fact they are investing another $12,250,000 into our community and adding 40 new jobs shows their business is going strong and will be around for many more years to come. As County Judge-Executive I am looking forward to working with them during and after the expansion.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $700,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
Additionally, Custom Resins was preliminarily approved by KEDFA for $200,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
In addition, Custom Resins is eligible to receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies are eligible to receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. Last year, the Kentucky Skills Network trained more than 84,000 employees from more than 5,600 Kentucky companies.
For more information on Custom Resins, visit www.nylene.com.
A detailed community profile for Henderson County can be viewed here.
The Kentucky Cabinet for Economic Development is the primary state agency responsible for encouraging new jobs and investment in the state. New capital investment announced in Kentucky in 2015 totaled a state record $5.1 billion, spurring more than 16,000 projected new jobs. Information on available industrial properties, workforce development assistance, incentive programs, community profiles, small business development and other economic development resources is available at www.ThinkKentucky.com.