Powell Valley Millwork to invest $3.35 million in Appalachia Kentucky
FRANKFORT, Ky. – Powell Valley Millwork (PVM), a poplar mouldings manufacturer, will invest $3.35 million and create additional employment opportunities at its Powell County facility, Gov. Matt Bevin announced on May 14.
“Our administration has been working tirelessly to help bring jobs to Eastern Kentucky, and we continue to see progress in that area, this time with a company that has deep roots in the region,” Gov. Bevin said. “Powell Valley Millwork was founded by Eastern Kentucky natives, and it serves as a shining example of the abundant workforce potential waiting to be unleashed in that part of our state. We are grateful to the company for its continued dedication to the Powell County community and to Kentucky, and we hope to see continued, steady growth in the years ahead.”
PVM will grow its operation on Lofty Heights Road in Clay City by 26,000 s.f. as the company adds new product lines and is seeing more demand from new and established customers. PVM purchased the 35-employee facility four years ago and has since added more than 65 team members across two shifts. The expansion project began in April and should be finished by late 2018.
“We are excited about our new expansion and look forward to completion later this year,” said Jimmy Thornberry, PVM president. “The professionals at KEDFA, elected leaders in Frankfort and our local officials have been instrumental in facilitating a recipe for business success in the commonwealth. We are fortunate to call Powell County home and are eager to continue our growth in the region.”
PVM previously operated in Montgomery County. Its ownership and management team have worked together since the early 1990s growing and diversifying their business. The company is family owned by native Kentuckians natives originally from Elliott County and, later, Lexington.
PVM produces a wide variety of mouldings and millwork products – including primed interior trim profiles, plantation shutter components, door and window jambs, picture frame mouldings and canvas stretcher bars – for large-volume customers, such as millwork distributors, lumber yards and big box stores. The company carved a niche in poplar hardwood production, and sources materials from more than 30 sawmills in the region, most of which are located in Eastern Kentucky. PVM operates a closed-loop facility, meaning no byproduct or waste is sent to landfills. Sawdust and wood shavings are used as fuel for the facility’s boiler and as animal bedding.
Sen. Albert Robinson, of London, congratulated the company on its latest investment.
“Powell Valley Millwork, Clay City’s hardwood manufacturer, has announced an additional $3.35 million investment that will create 20-25 new jobs,” Sen. Robinson said. “First and foremost, congratulations to Powell Valley Millwork. Their distinguished work has been widely recognized throughout this region. We look forward to the lasting success of Powell Valley Millwork.”
Rep. David Hale, of Wellington, said this will be a positive step forward for both the company and community.
“This investment will only improve the production of Powell Valley Millwork and will add new jobs to boot,” Rep. Hale said. “I’m happy that the Thornberry family continues to give back to Kentucky.”
Powell County Judge-Executive James Anderson said this is a monumental project for the region.
“We have been blessed to have Powell Valley Millwork here in Powell County not only in what they provide economically but also what they add civically,” Judge-Executive Anderson said. “So it was with great pleasure that I learned that they had been awarded this last round of financial incentives from the state. This will not only help enable them to keep growing here but accelerate that growth. A big thank you to all those responsible for making announcements like this possible: Powell County Industrial Authority, especially Director Craig Dawson, and the Kentucky Economic Development Cabinet. These partnerships, along with the relationships we have with our business partners, are starting to move Powell County forward.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in March preliminarily approved the company for tax incentives up to $60,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
In January 2015, KEDFA awarded final approval to the company for up to $2.5 million in tax incentives through the Kentucky Business Investment program on a nearly $7 million investment. 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. The 20-plus jobs being created will count toward fulfillment of the 2015 agreement.
In addition, PVM 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 2017, the Kentucky Skills Network provided training for more than 120,000 Kentuckians and 5,700 companies from a variety of industry sectors.