Beam Suntory announced it will expand the capacity of Jim Beam Brands Co. with a $400 million investment that will create more than 50 full-time jobs at the Booker Noe Distillery in Boston, Kentucky.
“We are excited about this expansion opportunity at our Booker Noe site, building on our recent investment in the new consumer experience in Clermont, and now expanding production to ensure enough of our premium liquid is available wherever consumers are looking for them,” said Carlo Coppola, managing director of the James B. Beam Distilling Co. “We appreciate the continued support of Gov. Beshear and his administration of the bourbon industry and these incentives will enable us to bring more great jobs to Kentucky. We are still finalizing our plans and will have more details to share very soon.”
Based in Clermont, Kentucky, the James B. Beam Distilling Co. brands have been produced in the state since 1795. Beam Suntory was formed in 2014 after the company was acquired by Japan-based Suntory Holdings. Beam Suntory is one of the world’s largest producers of premium spirits, with products that include a range of whiskeys, cognacs, gins, vodkas, rum and more. Major bourbon brands include Jim Beam, Maker’s Mark, Booker’s, Legent, Basil Hayden, Knob Creek and Baker’s.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) today preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $3 million in tax incentives based on the company’s investment of up to $436.4 million and annual targets of:
- Creation and maintenance of 51 Kentucky-resident, full-time jobs across 15 years; and
- Paying an average hourly wage of $51 including benefits across those jobs.
Additionally, KEDFA approved Beam Suntory for up to $550,000 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.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, the company can receive resources from Kentucky’s workforce service providers. These include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
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