Thursday, December 10, 2009
Governor Beshear Announces Start Up of Kentucky Copper in Morgantown
India-based Copper Company to Create 106 New Jobs, Invest Nearly $32 Million
FRANKFORT, KY- Gov. Steve Beshear and Cabinet for Economic Development representatives today joined community and company officials in Butler County to announce that India-based Chandra Proteco Ltd. will start up a manufacturing operation in Morgantown under the name Kentucky Copper Inc. The new company will create 106 new jobs and invest nearly $32 million in the Commonwealth.
"The start-up of Kentucky Copper in Morgantown will create more than 100 direct jobs and a tremendous economic boost for not only Butler County, but for all of south central Kentucky," said Gov. Beshear. "Kentucky is proud to partner with Chandra Proteco on this new investment and will continue to work with the company to establish and grow its operations in the Commonwealth."
Chandra Group has been in the field of copper and copper cable business for more than 40 years and specializes in transposed cable and railway cables for traction. With more than 500 employees in India, the company's facilities are spread over India, Europe, Africa and China.
"We are delighted to bring the extensive experience of our parent company, Chandra Copper, to Kentucky along with a commitment to be an active part of the community and the Commonwealth of Kentucky," said Mukul Gupta, president of Kentucky Copper.
Kentucky Copper will be located in a 163,000 square-foot facility on Veterans Way and will include warehousing, manufacturing and office space, as well as a technology center. The company will manufacture products to be used in power transformers, energy transmission and distribution applications, as well as high-speed trains. Three product lines will be phased in and will produce magnet wires, profile and trolley wires and continuously transposed conductors.
The Kentucky Economic Development Finance Authority preliminarily approved Chandra Protecto Ltd. for tax benefits up to $6 million under the former Kentucky Rural Economic Development Act.
"We wish Kentucky Copper much success as they open their facility here in Butler County," said Butler County Judge-Executive David Fields. "The Bowling Green Area Chamber of Commerce introduced this company to our community through our involvement in the South Central Kentucky partnership, and we appreciate their work on this project as Kentucky Copper is a welcome addition to Butler County, particularly because of the 106 new jobs it will create."
"We're grateful for Kentucky Copper's investment of nearly $32 million in our community, and we look forward to working with Kentucky Copper in the future. We wish them as much prosperity as possible as we welcome them into our community," said Morgantown Mayor Eva Hawes. "We also thank the Bowling Green Area Chamber of Commerce's work in bringing this project to our community."
This announcement is one of only three announcements made in the Commonwealth in which a new industry has announced more than 100 new jobs this year.
Morgantown and Butler County are members of the South Central Kentucky Economic Development Partnership and its international-award-winning Menu of Services Program, designed and led by the Bowling Green Area Chamber of Commerce. Through this partnership, the Chamber worked with the state to assist in locating Kentucky Copper in Morgantown, providing the services of tenured economic development professionals.
Todd Davis, chairman of the Chamber Board of Directors, said, "We are proud to have introduced Kentucky Copper to South Central Kentucky. We draw no distinction between county lines in our South Central Kentucky partnership, enabling us to ensure that a client's needs are met. A new industry location in one county is a success for all counties involved."
Davis continued, "Morgantown, Butler County, South Central Kentucky and the Commonwealth are all winners because Kentucky Copper chose to locate in our region."