A western Kentucky county received some good news Thursday when Governor Matt Bevin announced Global Win Wickliffe, LLC will reopen the former Verso Corporation Mill with a $150 million dollar investment and creating 500 full-time jobs.
According to a release, Executives of Global Win Wickliffe, a Chinese-owned paper products manufacturer, signed a purchase agreement Thursday with Verso representatives to purchase the facility in Ballard County for approximately $16 million. The sale is expected close around the beginning of the third quarter of this year. The new owners plan to refurbish the mill with new equipment and updated technology. Global Win Wickliffe executives anticipate reopening the mill by the end of 2018, with the facility producing pulp and brown paper packaging. Officials say the paper mill will be the buyer’s first U.S. facility.
When the deal closes, state officials say the Wickliffe mill will become Kentucky’s eight Chinese-owned facility. Currently, Chinese-owned operations employ about 8,200 people statewide, including approximately 6,000 at the GE Appliance Park in Louisville and 1,600 at Lexmark International in Lexington.
China ranks among the state’s top export destinations, placing fourth through June 2018. Exports to China increased by 60 percent in 2017 in large part to rising demand for Kentucky-made vehicles, the Lincoln Navigator and MKC in particular.
In order to encourage the investment and job growth in the community, the Kentucky Economic Development Finance (KEDFA) held a special meeting Thursday and approved the company for tax incentives up to $25 million through the Kentucky Business Investment program.
In addition, Global Win can receive resources from the Kentucky Skills Network to receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.
