Beam-Suntory has announced one of the largest single-site bourbon investment in the U.S. The company has announced the Booker Noe Distillery located in Boston, Kentucky and named after 6th Generation Master Distiller Booker Noe, is expanding distillery operations with a massive $400 million investment.
“We are excited about this expansion opportunity at our Booker Noe site, building on our recent investment in the new consumer experience in Clermont, and now expanding production to ensure enough of our premium liquid is available wherever consumers are looking for them,” said Carlo Coppola, managing director of the James B. Beam Distilling Co. “We are still finalizing our plans and will have more details to share very soon.”
Kentucky Governor Andy Beshear said, “Jim Beam is a renowned name within Kentucky’s signature bourbon industry, and I am thrilled to see the company continue to grow in our state. This is a substantial investment in Nelson County that will ensure Jim Beam continues to grow in Central Kentucky for decades to come. Thank you to the leaders at the company for once again showing faith in our state and our incredible workforce.”
The James B. Beam Distilling Co. in Clermont, Kentucky, brands have been produced in the state since 1795. Beam Suntory was formed in 2014 after the company was acquired by Japan-based Suntory Holdings. Beam Suntory is one of the world’s largest producers of premium spirits, with products that include a range of whiskeys, cognacs, gins, vodkas, rum and more. Major bourbon brands include Jim Beam, Maker’s Mark, Booker’s, Legent, Basil Hayden, Knob Creek and Baker’s.
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This investment adds to recent bourbon and spirits growth throughout Kentucky. Since 2019, Kentucky’s spirits industry has announced more than 50 new-location or expansion projects totaling over $1.1 billion in planned investments and creating more than 900 announced full-time jobs. Currently, approximately 60 spirits facilities directly employ more than 5,300 people. Kentucky’s bourbon sector is a nearly $9 billion signature industry, generating more than 22,500 jobs with an annual payroll exceeding $1.23 billion.
Nelson County Judge/Executive Dean Watts said the project adds to the company’s significant presence in the region.
“We are very excited to see the expansion of the Booker Noe Distillery in Boston. This giant investment will add to the already very large footprint of Jim Beam in Nelson County,” Judge Watts said. “The art of making great bourbon is so important to the bourbon heritage that we take pride in, and Jim Beam is top shelf.”
Kim Huston, president of the Nelson County Economic Development Agency, is glad to see the global brand continue to grow.
“It’s always exciting when we are able to celebrate the expansion of one of our companies. I want to thank Jim Beam for making this tremendous investment in Nelson County,” Huston said. “Jim Beam is considered family as their history of making great bourbon goes back decades and generations. The future of Jim Beam is bright as this expansion will allow production to increase, and we will be able to see even more bottles of Beam products available in the United States and across the globe.”
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) today preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $3 million in tax incentives based on the company’s investment of up to $436.4 million and annual targets of:
- Creation and maintenance of 51 Kentucky-resident, full-time jobs across 15 years; and
- Paying an average hourly wage of $51 including benefits across those jobs.
Additionally, KEDFA approved Beam Suntory for up to $550,000 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.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, the company can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
The Beam-Suntory $400 million investment that will create more than 50 full-time jobs at the Booker Noe Distillery in Boston, Kentucky.
Learn more about the James B. Beam Distilling Co.
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