BOONE COUNTY, Ky. — Matrix Pack North America, a sustainable and environmentally conscious paper product producer, will locate a new $47.9 million facility in Boone County and create 144 full-time jobs.
To meet growing demand in the market, the company is building a new 100,000-square-foot facility to expand the production of paper straws, lids, cutlery and to-go containers. Construction is expected to begin in October of this year and be completed by June 2024.
“Our family and business have been integral to the Boone County community for over 60 years. We are excited about the opportunity to bring this growth to Boone County,” said Matrix Pack North America President Stuart Seltman. “Further, we are so grateful and appreciative of the support we have received from Boone County, the Commonwealth of Kentucky and all of the elected officials, including those working behind the scenes, to bring this to fruition.”
In late 2022, Seltman, fourth-generation owner and president of Crescent Paper Tube and founder of Virescent Paper Products, partnered with Matrix Pack SA and Pacific Paper Straw to establish Matrix Pack North America. The company is now embarking on a journey to become one of the nation’s leading green paper products manufacturers, specifically aiming to service existing and future customers in the United States and Canada beginning in 2023. Matrix Pack North America will produce and deliver paper products to replace single-use plastics in the food service markets of North America.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) today preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $1 million in tax incentives based on the company’s investment of $47.9 million and annual targets of:
- Creation and maintenance of 144 Kentucky-resident, full-time jobs across 10 years; and
- Paying an average hourly wage of $23.86, including benefits across those jobs.
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, Matrix Pack North America 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.
For more information on Matrix Pack North America, visit MatrixPack.com.
