Forklift manufacturer Hyster-Yale Group broke ground recently on a 160,000-square-foot expansion of its facility on Menelaus Road in Berea, Kentucky. The $25.7 million project is expected to increase the size of the company's operation and boost its manufacturing capacity.
“To maintain a competitive position in an evolving global market, our organization must adapt and constantly evaluate new projects and investments,” said Rodney Wilson, director of manufacturing – Americas for Hyster-Yale Group, in a release announcing the expansion. “We appreciate the state of Kentucky working with us on this project, and we look forward to the initial phase of our manufacturing expansion in Berea becoming a reality.”
Hyster-Yale opened its Berea facility in 1973 with annual production of approximately 5,000 trucks. The consolidated Hyster-Yale business has since grown to become an international company that shipped over 100,000 units globally in 2018 and currently employs approximately 7,900 people worldwide.
The company’s subsidiaries include Nuvera Fuel Cells LLC, an alternative-power technology company focused on fuel-cell stacks and engines, and Bolzoni S.p.A., a global producer of attachments, forks and lift tables under the Bolzoni, Auramo and Meyer brand names. Hyster-Yale also has significant joint ventures in Japan (Sumitomo NACCO) and in China (Hyster-Yale Maximal).
“Hyster-Yale has been a strong economic partner in Madison County, and we are excited to see the company build upon its impressive track record of success,” Gov. Matt Bevin said. “Their investment affirms Kentucky’s status as America’s engineering and manufacturing hub of excellence, and we look forward to Hyster-Yale’s continued growth here in the commonwealth.”
Berea Mayor Bruce Fraley said he hopes this is the start of continued investment for the company in Berea.
“As of last August, Hyster-Yale drew employees who reside in 20 different Kentucky counties, most to them south and east of Berea, making Hyster-Yale a regional employer," Mayor Fraley said. "They have a history of being a great corporate citizen and partner. Additionally, their investment in Berea demonstrates their commitment to the city of Berea, the Berea plant and the employees of the Berea plant."
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) approved Hyster-Yale for up to $600,000 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.