RICHMOND - Local leaders and company officials of Asahi Bluegrass Forge in Richmond held a ribbon-cutting for the company’s new 70,000-square-foot manufacturing facility Wednesday. The new plant, located at 3007 Bill Robertson Way, represents a $20.3 million investment and the creation of 50 full-time jobs. Asahi Bluegrass Forge’s parent company is Asahi Forge Corporation, a Japanese company that specializes in producing such automotive parts as hub units, gears, transmission components, bearings and joints.
Shares of Lexington-based Tempur-Pedic International lost almost half their value Wednesday, after the high-end mattress company announced that it expects sales and earnings to decline in the second quarter. The decline is blamed on Tempur-Pedic's rivals all offering new foam-based mattress products and supporting them with advertising.
Getting more milk out of dairy cows might mean lengthening their productive lives. But, a dairy specialist at the University of Kentucky says more attention today centers on ‘longevity.’ Jeffrey Bewley says a cow typically lives about five or six years and, if healthy, produces three calves. “We’re shifting more toward research focused on improving longevity, improving the well being of the animal, improving the health of the animal, reproductive performance. So, there’s a lot more work in those areas than there is on just increasing milk production,” said Bewley.
Two Northern Kentucky counties have decided to stop giving funds to a major mental health service provider. The Boone County Fiscal Court voted unanimously Tuesday night to cease funding for NorthKey Community Care for the 2013 Fiscal Year that begins on July 1. NorthKey has 18 locations throughout Boone, Campbell, Carroll, Gallatin, Grant, Kenton, Owen and Pendleton Counties, including an inpatient hospital for children. It provides mental health, substance abuse and intellectual disability services. Earlier, Kenton Fiscal Court also pulled its NorthKey funding.
The Lexington Herald reports this morning layoff notices are going out to some University of Kentucky employees. UK spokesman Jay Blanton says administrators are gathering information from individual departments. He’s not speculating on how many people will face layoffs. In an e-mail to UK employees, President Eli Capilouto said the school has been cut 50 million dollars in state funding since 2007.
Work is currently under way at Toyota Motor Manufacturing, Kentucky to install a new production line at the Georgetown plant to build engines for a variety of vehicles. The new line will add more than 80 jobs at the plant but won't be ready to begin production for more than a year.
LEXINGTON – Lexington-based Big Ass Fans will build a 72,000-square-foot facility in the city. The project will add 150 jobs and entail an $8 million investment. The expansion, according to a press release from the governor's office, includes 56,000 square feet for office space and 16,000 square feet for storage/warehouse space on Jaggie Fox Way in Lexington, where the company has an existing 45,000-square-foot research and testing facility. Big Ass Fans also plans to maintain its Lexington campus location off Winchester Road.
Tim Campbell, left, is president and COO of iHigh, and Jim Host is chairman and CEO.
Credit Pablo Alacala/Lexington Herald-Leader
Lexington-based youth sports and activities broadcaster iHigh will announce Wednesday a nearly $12 million investment by Cox Media Group, which owns newspapers, television and radio stations nationally. Launched in 1999, iHigh encourages schools and organizations to upload or stream videos online of sporting events, meetings, performing arts and so forth.
The first three day holiday weekend of the summer is upon us and Triple A says car travel will be the preferred mode of transportation. In fact, Christopher Oakford at Bluegrass Triple A says more Kentuckians are expected to take a trip over 50 miles compared to last Memorial Day. Oakford says the auto club took a survey of motorists back in April.
FRANKFORT — Unemployment rates fell in 110 Kentucky counties between April 2011 and April 2012, while nine county rates increased and one stayed the same, according to the Kentucky Office of Employment and Training. Woodford County recorded the lowest jobless rate at 5.1 percent. It was followed by Shelby County, 5.8 percent; Fayette and Oldham counties, 5.9 percent each; Hancock County, 6 percent; Union County, 6.2 percent; Daviess and Ohio counties, 6.3 percent each; and Anderson, Calloway, Spencer and Webster counties, 6.5 percent each, according to a press release from the state.
A Delta jet took off from Blue Grass Airport in 2010. Most commercial jets flying into Lexington are 50-seaters, but Delta and other carriers have some planes coming in with 117 to 150 seats.
Credit Charles Bertram/Lexington Herald-Leader
Most of the commercial flights leaving Lexington's Blue Grass Airport are full these days, which makes airport officials happy. Still, those officials are keeping a watchful eye on airline industry trends, particularly airline mergers and bankruptcies, in an effort to keep passenger counts and numbers of flights, destinations and available seats from sliding.
For Toyota, it is time to put the last four years in the rearview mirror. That has been the automaker’s message for the past few weeks with a string of announcements worldwide that make it clear Toyota is putting the pedal to the metal in plant expansions, new and redesigned products with an eye on the future.
Kentucky's unemployment rate continued its descent in April, dropping to 8.3 percent from 8.6 percent in March. It marked the lowest unemployment rate since November 2008. While it's improving, the state's unemployment rate continued to lag the national rate, which fell to 8.1 percent in April from 8.2 percent in March, according to data provided by the state Office of Employment and Training. During the month, the state's civilian labor force decreased slightly.
Time Warner Cable has told former Insight sales employees in Lexington that it will restructure the team and will require employees to reapply for jobs in the revamped structure. The employees affected sell cable advertisements locally, and Time Warner Cable spokeswoman Mary Jo Green said the decision affects upwards of 50 employees, primarily in Kentucky, including more than a dozen in Lexington.
Exterior of Trader Joe’s under construction on Nicholasville Rd. in Lexington, Ky., on May 16, 2012. Trader Joe’s has announced it will open its Lexington store on June 29.
Credit Pable Alcala / Lexington Herald Leader
In a long-awaited announcement, gourmet grocery Trader Joe's said Wednesday it will open its first Lexington store at 8 a.m. June 29. Construction is nearly complete on the grocery at 2326 Nicholasville Road, the former site of Joe's Crab Shack. The 12,000-square-foot grocery will have a separate wine shop of about 3,000 square feet. This will be Trader Joe's second Kentucky store. The first one opened in October at 4600 Shelbyville Road in Louisville.
President Obama is chiding Congress for not acting on his slimmed down plan to spur economic growth. Election year politicking is expected to derail this latest effort to get the economy moving in states like Kentucky. The president laid out a “to do” list for Congress. He once again asked lawmakers to help lower interest rates on mortgages for millions of homeowners. Kentucky Republicans, like Senator Rand Paul, aren’t buying it.
The head of Lexington’s Blue Grass Airport is predicting that US Airways will eventually acquire the struggling American Airlines, and he’s not looking forward to that merger. American Airlines filed for bankruptcy in November. Eric Frankl, executive director at Blue Grass Airport, says a deal between American and US Airways may have a negative impact on central Kentucky travelers.
A well known on-line retailer is expanding its central Kentucky operations by hiring more than eleven hundred people. Clark County will feel the most direct impact. Amazon-dot-com will open a 70 thousand square foot customer service center in Winchester. The 20 million dollar investment is expected to create over 500 full time jobs and another 600 seasonal positions. Winchester Mayor Ed Burtner says his town is ideally located and offers a seasoned workforce.
Officials with Churchill Downs Incorporated say increased Internet wagering has boosted first quarter earnings. CDI gained $1.3 million in the first three months of this year. CDI officials say because of the lack of live racing days it’s common to see losses in first quarter earnings, but CDI’s Chief Financial Officer Bill Mudd said there has been a 5 percent increase in wagering nationwide and CDI has always been ahead of the game.
Kentucky Gov. Steve Beshear, center, is flanked by Steve St. Angelo, Executive Vice President of Toyota Motor Engineering and Manufacturing North America, at left, and Toyota Motor Manufacturing Kentucky President.
Credit Jerry Boggs/Georgetown News-Graphic
State and company officials gathered at the Toyota visitors center Tuesday to announce the latest expansion of the auto maker's flagship manufacturing plant. Kentucky Gov. Steve Beshear was on hand to announce Toyota Motor Manufacturing Kentucky will expand its operation to produce more 4-cyclinder motors in the Georgetown plant. The company is spending approximately $30 million to update a currently unused assembly line to produce more than 100,000 engines each year.
The economic impact of tourism in Kentucky amounted to nearly $11.7 billion in 2011, Gov. Steve Beshear and Tourism, Arts and Heritage Secretary Marcheta Sparrow announced Monday in a state press release. The economic impact figure is a 3 percent increase from 2010. “Despite a tough economy, the Kentucky tourism industry continues to shine,” Beshear said. “These figures underscore the importance of tourism in Kentucky as well as in every community across the Commonwealth.”
A group of three economists hopes to provide key input to Kentucky’s tax commission this summer. The Blue Ribbon Tax Commission picked three professors to act as consultants as the group considers changes to the state’s tax code. Two are from the University of Kentucky and one is from the University of Tennessee. UK professor William Hoyt will serve as the principal investigator. He says the selection was an honor, and his goal for the group is to produce a slew of options to the commission.
Xerox, already one of Lexington's largest employers, plans to hire more than 300 people in several job categories over the next few months at its call center in Lexington. Past hiring at the Lexington Xerox call center, formerly known as ACS before that company was acquired by Xerox in 2010, has paid customer service representatives a starting wage of about $10 an hour.
The University of Kentucky Athletics Department and Toyota were the two largest donors to a task force that recently developed a plan to revitalize Rupp Arena and the surrounding portion of downtown. UK Athletics gave $50,000 and Toyota gave $35,000 to the group, which raised $380,950, according to a list obtained by the Herald-Leader under the Open Records Act. Many of the other donors included members of the task force, including Greg Goodman, whose Mount Brilliant Family Foundation gave $10,000. W.T. Young LLC gave $20,000. Young's son Chris served on the task force.
This year’s ‘Earth Week in Kentucky’ celebration focuses on the state Division of Forestry’s 100th anniversary. Much of the division’s work centers on Kentucky’s four to five billion dollar wood products industry business. State Forester Leah MacSwords says the timber harvested here is used in numerous products. “All kinds of forest products are made from Kentucky’s wood…everything from cabinets and flooring.. to mill work to pallets…so we have a very robust forestry industry in the state of Kentucky,” said MacSwords.
The scrap metal industry in Lexington is asking the Urban County Council to scrap its plan to license the sellers of copper or other metals. The new regulations are suggested as a way to cut down on copper and other metal thefts. Ken Cowen’s Ohio firm owns Lexington’s Baker Iron and metal. To combat theft, Cowen says scrap metal firms are willing to employ off duty police officers. Then, Cowen says, they could check the seller’s I-D.
As Pike County officials continue to discuss the county’s “dire” financial situation, a bold suggestion from a Pike magistrate to help alleviate some of the strain seems to have fallen on deaf ears. At Tuesday’s meeting of the Pike County Fiscal Court, District 5 Magistrate Hilman Dotson, while arguing that the county’s currently idled swimming pools should be reopened, suggested that he and other county officials take a pay cut to help ease some of the financial burden the county is facing ahead of a projected multi-million-dollar budget shortfall in the coming year. Dotson’s suggested 10 percent pay reduction for county officials found little support among other court officials.
Annual unemployment rates were lower in 105 Kentucky counties in 2011 than in 2010, according to the Kentucky Office of Employment and Training in the Kentucky Education and Workforce Development Cabinet. In addition, 14 Kentucky counties had a higher annual unemployment in 2011 than in 2010 while the unemployment rate in Laurel County remained the same for both years, according to a press release issued by the state.
In the year 2012, the ‘download’ remains the predominant format in music sales. However, the owner of a Lexington independent music business says vinyl continues to make a move on compact discs. The fifth annual Record Store Day celebration will be held tomorrow. Pops Resale owner, Daniel Shorr says record sales are going well. “To show the fact that records not only aren’t dead..they’re really quite alive and vibrant..they’re on track hopefully this year to surpass c-d sales,” said Shorr.
Eight construction firms are about to bid for the job of building the Centre Pointe project in downtown Lexington. It might be considered an indication the revitalization effort is building momentum. Last week, plans were unveiled that convert the old Fayette National Bank Building into a 21-C Museum Hotel. Just a block away sits the proposed site of the high-rise Centre Pointe project. Developer Dudley Webb expects eight construction managers to submit bids for the work within the next three weeks.