FRANKFORT, Ky. — Adkev Inc., a family-owned custom plastic injection molding manufacturer, will locate in Boyle County with a nearly $15.7 million investment that is expected to create 70 full-time jobs, Gov. Matt Bevin announced today.
“Adkev is a tremendous success story that highlights how a small startup business can blossom into one of the top performers in its industry,” Gov. Bevin said. “The company’s stature within the automotive and appliance industries, together with its commitment to customers, employees and community, make it a perfect fit for Kentucky. I congratulate both Adkev and the Boyle County area for this exciting next step in their incredible journey.”
Adkev will locate in a 190,000-square-foot former Caterpillar Inc. facility in Danville making automotive HVAC, electronic and trim components. Company leaders plan to buy the building by year-end, complete a refurbishment then open by mid-2019. The new factory will provide access to the Southeastern US market and improve proximity to customers.
“Expanding into a third facility in the Southeast region is in response to our core mission to provide stability and opportunity to our employees, communities and customers,” said Adkev President Gary Rheude.
Headquartered in Goodland, Ind., Adkev manufactures custom plastic injection molding products for the automotive, appliance and industrial industries. The company also operates a facility in Monticello, Ind., employing more than 350 employees across its two locations.
In 1987, Gary and Cathleen Rheude founded Adkev in their Indiana hometown, naming the company after their sons, Adam and Kevin. Among their first products were bobbins and various plastic components for the electronics industry. Adkev moved to a permanent facility in Goodland in 1993 and expanded to Monticello in 2007. The company has since grown to become one of the top 100 molders out of thousands in the US as ranked by industry publication Plastics News.
Sen. Rick Girdler, of Somerset, expressed enthusiasm about the potential Adkev has in Boyle County.
“I am pleased to hear that Adkev has committed to Danville and the surrounding region by investing over $15 million in its newest location. Danville is a growing city, and the addition of 70 new jobs is welcome news. I look forward to Adkev’s partnership with our community and look forward to the company’s success in Boyle County.”
Rep. Daniel Elliott, of Danville, said the announcement is the latest evidence that the state’s focus on business growth is beginning to pay off.
“Adkev’s investment in our community is fantastic news for our local economy and all of our citizens. Seventy new manufacturing jobs and a $15 million investment is just what we need to expand our tax base and provide good-paying jobs to families who need them. Thankfully, companies are recognizing that our area is the perfect fit for high-quality manufacturing jobs, and this announcement is a testament to the strong work of the legislature and the governor to make Kentucky more business friendly.”
Danville Mayor Mike Perros said the announcement comes at the perfect time, as the local workforce looks for new opportunities.
“We welcome Adkev, Inc., as a new member of Danville’s industrial community. Adkev’s investment captures a superb manufacturing facility just as Caterpillar transitions out of it. This new industry will also produce job opportunities for area workers impacted by corporate business changes leading to closures at both Caterpillar and Panasonic.”
Boyle County Judge-Executive Harold McKinney said Adkev will be a great fit for the community.
“Adkev is a family owned, community-minded company that is a perfect addition to Boyle County’s business environment,” Judge-Executive McKinney said. “We are committed to Adkev making its own history here as it establishes its third manufacturing location in the birthplace of Kentucky.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in June preliminarily approved the company for tax incentives up to $500,000 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.
Adkev also can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. In fiscal year 2016, the Kentucky Skills Network provided training for nearly 95,000 Kentuckians and 5,000 companies from a variety of industry sectors.
For more information on Adkev, visit www.adkev.com.
A detailed community profile for Boyle County can be viewed at http://bit.ly/BoyleCoKy.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky. Watch the Cabinet’s “This is My Kentucky” video on YouTube.
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.