A Princeton meat processor is recieving a $1.5 million investment expected to create 83 full-time jobs.
Porter Road Butcher Meat Co. LLC, is planning a relocation to two buildings on Masonic Drive in Princeton to increase capacity. Currently, Porter Road employs 31 people in Caldwell County. The additional 83 jobs will primarily consist of production staff such as, butchers, packaging and shipping positions.
Governor Andy Beshear announced the investment June 25 and thanked the company for committing to Kentucky’s workforce.
“I want to congratulate and thank Porter Road for this commitment to Kentucky and our strong workforce,” Beshear said. “As we look to reestablish and strengthen our economy, existing businesses like Porter Road will play a critical role in our success. I anticipate plenty more to come for the commonwealth in the months and years ahead.”
The Kentucky Economic Development Finance Authority approved a 10-year incentive agreement with Porter Road under the Kentucky Business Investment program. The agreement can provide the company up to $750,000 dollars in tax incentives based on the company’s investment of $1.51 million dollars.
Porter Road’s expansion contributes to Kentucky’s already strong food and beverage industry, as the state is home to more than 350 food and beverage facilities, which employ over 52,000 people.
Senator Robby Mills of Henderson said in a statement the project comes at the perfect time for a rebounding economy.
“I am pleased that Porter Road Butcher Meat Co. will be expanding here in Caldwell County,” Mills said. “During these unprecedented times, when Kentucky businesses are struggling and unemployment is at record levels, our state craves good news like this. Jobs in the cutting room are more than doubling with this investment.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) approved a 10-year incentive agreement with Porter Road under the Kentucky Business Investment program. The performance-based agreement can provide up to $750,000 in tax incentives based on the company’s investment of $1.51M.
The company must also uphold annual targets of maintaining 83 full-time jobs for Kentucky residents and an average hourly wage of $19.46 including benefits across those jobs for 10 years.
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.
Porter Road can also receive resources from the Kentucky Skills Network. Kentucky Skills Network companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.
