Business + Innovation

NKY job market weathers losses

There's plenty of cause for optimism in NKY right now, despite some recent losses. The region's economy is diverse and stable; companies are spending money -- capital investment spending is up 45% so far this year over 2011 -- and companies including Amazon, Elovations, and L'Oreal USA are creating hundreds of jobs.  Says Karen Finan in an article for Cincinnati.com:  "There's a diversification within the economy here in Northern Kentucky that helps us," said Karen Finan, senior vice president at the Northern Kentucky Tri-County Economic Development Corp. (Tri-ED). "Because at any given time, when we do those types of (job loss) announcements, we could have two office, three manufacturing projects in the pipeline – and it's a constant flow. And so that makes for a very healthy community in Northern Kentucky." Read the full story here.

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Two Tri-ED projects contribute to KY’s 2012 Silver Shovel Award

The Commonwealth of Kentucky has received a 2012 Silver Shovel Award from Area Development magazine -- thanks in part to projects spearheaded by Northern Kentucky Tri-ED. Gold and Silver Shovel awards are granted each year to the states that were most successful in creating jobs and securing investments. In 2011, two of the 10 projects submitted by the Commonwealth of Kentucky were significant expansions in Northern Kentucky: Mubea's expansion at its Kenton County/Elsmere Stabilizer Bars facility, an investment of $46.8 million that will create 182 jobs; and Eagle Manufacturing-Linamar's expansion in Florence, an investment of $40.8 million that will create 138 jobs. The award reflects Northern Kentucky's excellence in facilitating the region's readiness to grow. "In the cases of both of these expansions, these were sites that had been vetted," says David Smith, Director of Development, Duke Energy, Ohio and Kentucky. Duke Energy, through its Foundation, offers matching grants to help communities with site selection and readiness, removing barriers such as environmental surveys and zoning changes for relocating and expanding companies. "When a company is ready to make a decision to expand, to grow, or to locate, as much time as you can remove from the equation makes it easier for them to make that decision." Smith credits Tri-ED with a progressive vision for the community.  "Tri-ED is very forward-thinking," Smith says. "They understand this process, and they really approach this in the right way. They're providing a lot of leadership to make this happen." The award also testifies to the growing strength of advanced manufacturing in Northern Kentucky, specifically in the automotive sector. Both Mubea and Eagle Manufacturing-Linamar supply components for the automotive industry. And in 2011, the majority of the $384 million in capital investment in the region -- the fourth highest level in Tri-ED's 25-year history -- came from manufacturing companies.   

Healthwarehouse.com CEO navigates fast growth in online pharmacy

Lalit Dhadphale, CEO of HealthWarehouse.com, believes his Florence-based firm is poised to capitalize on an upcoming wave of generic medication releases as brand-name drugs worth more than $200 billion a year in sales lose patent protection between now and 2015. But will the public accept HealthWarehouse.com as a legitimate bargain, and not a home for spammers and scammers?  Read more in the full story.

Duke Energy donates $250,000 to Tri-ED

Over the next five years, Duke Energy will donate $250,000 to Northern Kentucky Tri-ED to enhance existing business retention and expansion efforts in Kenton, Boone and Campbell counties. Duke will also grant $75,000 to the Northern Kentucky Area Development District (NKADD) in Pendleton, Grant and Gallatin counties. Tri-ED and NKADD will partner with local city and county economic development leaders, utilities and government officials to coordinate proactive visits with existing Northern Kentucky businesses to gather information to understand and recognize needs, challenges and barriers to growth. The data will be used to identify overarching needs in workforce training, utility reliability, facility needs, municipal services and quality of life. Read the full story here.

Toyota bouncing back in NKY

Toyota's largest assembly plant outside of Japan -- in Georgetown, KY -- appears to be exploring options for an expansion. The Scott County plant has applied for tax incentives for a proposed $32 million project that would create 86 new jobs.  The move is just one more sign of the manufacturing recovery in NKY. Read the full story here. 

Steinert expands its North American HQ in NKY

A German-based manufacturer of magnetic separating equipment has expanded it's North American HQ, with a new 36,000 ft. facility in Walton, Ky. Steinert develops and manufactures industrial separating equipment that sorts materials for the mining industry, trash handlers, large scarp yards and more. The company moved its HQ from Erlanger to Walton earlier this year after outgrowing its Erlanger space. The company is now in a new 36,000-square-foot facility that will expand the its capabilities here. It will feature a new testing lab, manufacturing and repair facility and increase space for its parts inventory. "As the global leader in separation technology, Steinert is committed to investing locally in the US to support our growing customer base. Our new facility allows Steinert US to increase our repair capabilities and begin to bring production of our key products to Kentucky," Steinert US President Jason Looman says in announcing the move. The Walton facility employs 25 people, including five new hires this year, says company Marketing Manager Nicolle Williams. Steinert is based on Cologne, Germany, and was founded in 1889. In addition to North America, the company also has offices in Brazil, Australia and Japan. The company's clients spans the globe, and major customers include those in recycling and mineral extraction industries. Its North American office opened in 2003, moving from Florida to Northern Kentucky in late 2009. Growth locally is a response to a growing demand for company products and services, Williams says. "In the beginning of 2012 we had a higher business demand in the United States, and that led to our expansion after we outgrew our old space," she says. By Feoshia Henderson ?This story originally appeared in Soapbox on April 24, 2012.

DHL Express, CVG profiled in Business Excellence

An article in Business Excellence Magazine follows DHL through the decade that's passed since its purchase by Deutsche Post in 2002. And since international flights make up the backbone of DHL's flexible, global logistics service, a huge element of its success is a good relationship with its hub airports:  "Candace McGraw is CEO of Kenton County Airport Board at Cincinnati/Northern Kentucky International Airport (CVG), and has witnessed the many benefits that the airport's partnership with DHL has brought. 'We have established a very good partnership with DHL,' she says. 'They account for about 40 percent of our landed weight here now, so they're a huge partner for us and we want to do everything we can to help them grow and prosper here.' DHL is currently embarking upon a $47 million investment into expanding its package sorting facility at CVG, and has been considering other opportunities, too. 'We have a lot of land here that's ripe for development and we have been talking to DHL about some end-of-runway development opportunities to establish complementary businesses that will help them grow their business here at the airport,' says McGraw." Read the full story here.

CVG repeats as best regional airport

Cincinnati/Northern Kentucky International Airport is "Best Regional Airport in North America" for the second year in a row -- a designation awarded by London-based air transport research organization Skytrax. The award is based on surveys of more than 12 million air passengers in 388 airports. Rankings are based on 39 different airport service and product factors, including check-in, arrivals, transfers and gate departures. "This award is a testament to the 10,000 professionals who make up the CVG community, creating an exceptional experience for our customers. We congratulate our employees, airlines and business partners on this prestigious honor – two years in a row. We thank every passenger who chooses to fly through CVG," Candace McGraw, CEO of the airport, said in a news release. Read the full story here.

UpTech honors local tech startups

Eight startup companies have been selected for the inaugural round of UpTech, the high-profile business accelerator that wants to bring the world’s most promising technology entrepreneurs to Northern Kentucky. Seven of the eight startups are from Greater Cincinnati and Northern Kentucky. All aspire to develop web-based innovations into marketable products, services and businesses. UpTech's ultimate goal is to fund 50 of the best and brightest informatics companies from the U.S. and around the world.  Read the full story here.

Leaps and bounds toward livable communities in NKY

Northern Kentucky is making strides toward more livable neighborhoods. From funding for urban revitalization to the creation of a business-attracting life science corridor to a riverfront trail project that links our region's communities, here's a progress report.

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