Pratt Industries Declared Huge Investment in Kentucky Paper Mill

SEATTLE (Scrap Monster): Pratt Industries announced plans to invest big in Kentucky paper mill. The company will invest approximately $400 million in Henderson, western Kentucky mill. The Henderson paper mill is expected to come online in 2023. It will have capacity to produce over 1,500 tons of recycled paper per day.

Announcing the decision, Gov. Andy Beshear announced that the project is expected to create around 700 construction jobs over the coming years. Upon full operations, the mill is likely to create 320 high-paid full-time jobs. The jobs pay is likely to average around $39 per hour. Pratt selected Henderson as the site location, after considering almost six other prospective sites.

The proposed investment is in support of a 450,000-square-foot paper mill. However, it plans to make additional investment towards construction of a 700,000 square-foot corrugated box facility. The company has secured up to $14 million in tax incentives from the Kentucky Economic Development Finance Authority under the Kentucky Business Incentives Program. In addition, the company has been approved for up to $3.5 million in tax incentives through the Kentucky Enterprise Initiative Act.

This is Pratt’s second phase of investment in the state of Kentucky. Earlier in 2010, it had opened a manufacturing facility in Hebron, which currently employs more than 200 people.

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