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Tiffany & Co. to Expand Lexington Manufacturing

Kentucky Celebrates the Addition of Local Jobs

Apr 26, 2013 2:16 PM   By Jeff Miller
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RAPAPORT... Kentucky's Governor, Steve Beshear, announced that Tiffany & Co. is expanding its manufacturing operations in Lexington, creating 75 new, full-time jobs and investing $2 million in the state's economy. The expansion comes less than two years after Tiffany & Co. opened its facility in Lexington.

"Beauty and grace are two words that come to mind with Tiffany & Co., but growth and success are evident here, with 75 new jobs and a multi-million-dollar investment," said Beshear. "There are few companies in the world that can boast the type of brand recognition that Tiffany & Co. enjoys, and we are proud to have its magnificent products crafted right here in the Commonwealth." Kentucky jobs

In November 2010, Tiffany & Co. first broke ground on its 25,000-square-foot jewelry manufacturing facility on four acres of land in the Blue Grass Business Park. The grand opening was held in September 2011 and the manufacturing center now employs 125 professionals who produce a variety of the high-quality jewelry, including diamond engagement rings.

John Petterson, Tiffany's senior vice president of operations and manufacturing, said, "Now we're ready to capitalize on our achievements, which is truly gratifying and a tribute to the city of Lexington and the Commonwealth of Kentucky, our partners in creating a world-class jewelry manufacturing center that meets Tiffany's standards of quality and craftsmanship."

The Kentucky Economic Development Finance Authority preliminarily approved Tiffany & Co. for  tax incentives up to $1.5 million through the Kentucky Business Investment program. The performance-based incentive allows any company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.

Senator Julian M. Carroll of Frankfort said, "I am excited about the expansion of Tiffany in Lexington. The investment at its jewelry manufacturing facility will mean additional job opportunities and economic growth for our region. It speaks well of our workforce that Tiffany is increasing its operation in Lexington. I applaud Gov. Beshear for taking the lead to support this industry, their employees and their families."

Lexington's mayor, Jim Gray, concluded that Tiffany & Co.'s expansion topped off two weeks of good news for his city. He participated in a ribbon cutting ceremony for the law firm Bingham McCutchen, which brought 250 jobs;  opened downtown laboratories for Transposagen, adding 15 new biotech jobs and announced that Toyota added  a new production line, with 750 new jobs.

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Tags: development, engagement rings, incentives, Jeff Miller, Kentucky, Lexington, Manufacturing, tax, Tiffany
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