J.M. Smucker Company to Bring Jobs to Scottsville

Governor Beshear Announces the J.M. Smucker Company to Bring 25 Additional Jobs to Scottsville
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FRANKFORT, KY - Gov. Steve Beshear and Economic Development Cabinet Interim Secretary Larry Hayes today announced J.M. Smucker LLC will add a new production line to its Scottsville plant, investing $3 million dollars and creating an additional 25 jobs in the community.

"We're delighted with the positive news resulting from the success and growth of The J.M. Smucker Company plant in Allen County," said Gov. Beshear. "Kentucky is proud to partner with the company and community to bring this additional investment and jobs to the South Central Kentucky region."

The announcement comes after the Kentucky Economic Development Finance Authority approved J.M. Smucker LLC for tax incentives up to $550,000 under the Kentucky Rural Economic Development Act, an incentive program designed to increase manufacturing employment in the state.

Currently, 288 employees work at the Scottsville plant, which makes Smucker's Uncrustables frozen peanut butter and jelly sandwiches. The additional line will bring a new "grab and go" waffle product to the plant.

"The addition of the new Snack'n Waffles line to our Scottsville facility will allow us to better meet the needs of our consumers while continuing to grow the successful operation already in place there," said Maribeth Badertscher, director of corporate communications for The J.M. Smucker Company. "We are pleased to be adding these 25 new jobs and to be continuing to build our strong partnership with Scottsville and Allen County."

"The Smucker's plant is a great asset for Scottsville, Allen County and the entire South Central Kentucky region, and I am excited about the new product the company will be making in Allen County," said Richie Sanders, director of economic development for Scottsville and Allen County. "By adding another 25 jobs to their facility here, they are creating more wealth for our area and are making a positive impact on our community."

"Today is a great day in our community because of Smucker's commitment to bring additional jobs to Allen County," said Jordan Clarke, chairman of the Allen County Economic Development Authority. "We're grateful to Smucker for the opportunity it is creating for our citizens."

"We are dedicated to helping our businesses and industries grow in Allen County," said Judge Executive Bobby Young. "It's a great day when we can announce that one of our longstanding industries has decided to bring more jobs to our county."

Scottsville Mayor Rob Cline agreed. "With this announcement, Smuckers demonstrates its commitment to residents of Scottsville and Allen County. We're excited that they have decided to create more jobs here, and we're very appreciative of their decision."

Allen County is part of the South Central Kentucky regional partnership, taking advantage of the enhanced marketing package offered by the Bowling Green Area Chamber of Commerce.

"The South Central Kentucky partnership was formed to help bring in new industries and expand current industries throughout the entire region," said Todd Davis, chairman of the 2009 Bowling Green Area Chamber of Commerce, "And the whole partnership is successful when an announcement comes like the one made today."

Existing-Home Sales Post Surprising Gain Last Month

Existing-Home Sales Post Surprising Gain Last Month



The National Association of Realtors reported that sales of existing homes rose to an annual rate of 4.74 million in December, from a downwardly revised pace of 4.45 million in November.

December's sales had been expected to fall to a pace of 4.4 million units. according to Thomson Reuters.

The median sales price plunged to $175,400, down 15.3 percent from $207,000 a year ago.

Analysts saw hope in the apparent pickup in housing sales and attributed the gain to lower mortgage rates.

But they cautioned that the trend would need to continue to represent a real move for the market off its low point.

"This is the first time in a while that we have seen a return to normalcy in the relationship between lower mortgage rates and increased sales. That's good news, but it may be too soon to get really excited yet," said Michael Schenk, senior economist at Credit Union National Association in Madison, Wisc.



"The problem is that the labor markets will weaken going forward. That might not completely overwhelm the effect of lower interest rates, but people are reluctant to buy a home when they think their job prospects are not so great," Schenk said.

The price drop represented the largest decline since the NAR started keeping records and probably the largest since the Great Depression, Lawrence Yun, NAR chief economist told reporters.

Economists looked at the price move as critical toward a possible housing recovery.

"While further liquidations are likely in the months ahead, the price adjustments now underway represent a crucial step toward stabilization of the housing market," David Resler, chief economist at Nomura Securities, wrote in a research note.

Analysts polled by Reuters had expected existing home sales to set a 4.40 million unit pace in December.

That was the lowest price since May 2003 and the biggest year-over-year drop on records going back to 1968.

The sales news lifted shares of home builders broadly, with Hovnanian [HOV 1.71 -0.13 (-7.07%) ] getting a 14 percent spike immediately after the report came out.

"It appears some buyers are taking advantage of much lower prices," said Yun. "The higher monthly sales gain and falling inventory are steps in the right direction, but the market is still far from normal balance conditions."