Two projects approved for incentives
Projects would create 72 jobs
Two companies approved for incentives at this morning’s Kentucky Economic Development Finance Authority Meeting in Frankfort are considering investing $5.1 million in two expansion projects that would create 72 new jobs and nearly $3 million in new annual payroll.
“These two companies will bring new jobs to our city – and invest millions in their facilities, which create additional economic impact,” Mayor Jerry Abramson said. “These incentives will help ensure that those investments are made in Louisville.”
RecoverCare, LLC
RecoverCare, LLC is a new company resulting from the acquisition and merger between Radnor, Penn.-based RecoverCare and Louisville-based MedaSTAT. MedaSTAT currently operates in Louisville where it employs 83. Both companies were recently purchased by Los Angeles-based Hollywood Capital, Inc, Aurora Capital Group and New York based Moelis & Company Private Equity. The new company will specialize in providing wound care and bariatric medical equipment and solutions to long-term and acute care medical facilities. The merger creates an industry leading company of its type in the health care marketplace.
RecoverCare is considering Louisville as the location for the consolidated company’s new headquarters. RecoverCare would invest $2.8 million in technology and building upgrades. The company would also create 57 new jobs and have new annual payroll of nearly $4.4 million.
RecoverCare was approved for $2.26 million in KBI* incentives for up to 10 years.
DENIOS, Inc.
DENIOS, Inc. is a subsidiary of DENIOS-AG, the German-based global leader in the design, manufacturing and marketing of equipment for the containment of chemical spills and equipment used for the safe, compliant storage of hazardous materials. DENIOS was established in Louisville 1996 and it currently employs 40. The company is considering a relocation and expansion in which it would relocate to a larger facility. The new location would provide an additional 20,000 sq. ft. of manufacturing space and an additional 3,000 sq. ft. of office space. DENIOS would invest $2.3 million in the new location. The move would create up to 15 new jobs and new annual payroll of $424,000.
DENIOS was approved for $215,000 in KBI* incentives for up to 10 years.
DENIOS President, Brian Pahl said: “A new facility in the Louisville area will provide us the assurance of obtaining well-qualified employees in a community that supports its manufacturing base and offers a full array of services. From here we can easily and efficiently reach the majority of our U.S. customer base. Our German shareholders are investing in our future and they are pleased that we have been awarded additional KBI incentives to further enhance our growth.”
The partnership between Greater Louisville Inc. – The Metro Chamber of Commerce, Louisville Metro Government and state government brings new economic opportunities to the community. Through July 2009, the innovative public-private partnership has helped 33 companies locate new operations or expand existing ones in the area. These projects have created 1,671 new jobs at an average salary of $40,242 and more than $247 million in new capital investment.
* Kentucky Business Incentives consolidates KIDA, KREDA, KJDA & KEOZ into a single, more flexible tax incentive program for new and expanding businesses. This change was made in legislation passed during the 2009 Special Session of the Kentucky General Assembly. More information can be obtained at www.thinkkentucky.com.
Company Contact
RecoverCare, LLC
Kevin McKim
(502) 489-9449
DNEIOS, Inc.
Nat Campbell
(502)933-7272
