(The following is a reformatted version of a press release
issued by The Commonwealth of Kentucky, Office of the Governor
and received via electronic mail. The release was confirmed by
Gov. Beshear Announces Brown-Forman to Expand Woodford Reserve Distillery in
Versailles, Add 15 Jobs
Bourbon manufacturer to invest more than $35 million in the Commonwealth
FRANKFORT, Ky. (June 27, 2013) - Governor Steve Beshear today announced
Brown-Forman Corporation (NYSE:BFA, BFB) plans to add 15 jobs and invest more
than $35 million to expand operations at its Woodford Reserve Distillery in
"We're proud of Brown-Forman's rich heritage at the Woodford Reserve
Distillery, which is an integral part of Kentucky's world famous bourbon
industry," said Gov. Beshear. "This expansion, including 15 new jobs and more
than $35 million in investment, will help grow sales and exports for a Kentucky
product that is increasingly in demand across the globe."
Kentucky produces 95 percent of the world's bourbon, and the 4.9 million
barrels of aging bourbon here outnumber the state's population of 4.3 million.
More than 8,600 jobs in Kentucky are connected to distillery-related
enterprise, generating approximately $413 million in payroll.
The Woodford Reserve Distillery, located off McCracken Pike in Versailles,
currently has 30 full-time employees. The expansion will include the addition
of new bourbon maturation warehouses, new stills, improvements to the bottling
line, and other upgrades designed to increase capacity, efficiency, and
productivity at the facility.
"As a 142-year-old Kentucky company, Brown-Forman is proud to expand the
Woodford Reserve Distillery, allowing us to meet the growing global demand for
Woodford Reserve and continue to invest in our community," said Chris Morris,
master distiller at Woodford Reserve.
In addition to Woodford Reserve, Brown-Forman Corporation produces numerous
quality brands, including Jack Daniel's, Southern Comfort, Finlandia,
Herradura, Early Times, and Old Forester. The company was founded in 1870 by
George Garvin Brown in Louisville, Kentucky. Today, the company is
headquartered in Louisville, Kentucky, and employs nearly 4,000 people
To encourage the investment and job growth in Versailles, the Kentucky Economic
Development Finance Authority (KEDFA) preliminarily approved the company for
tax incentives up to $2.5 million through the Kentucky Business Investment
program. The performance-based incentive allows a 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.
KEDFA also approved Brown-Forman for tax benefits up to $500,000 through the
Kentucky Enterprise Initiative Act, which allows approved companies to recoup
Kentucky sales and use tax on construction costs, building fixtures, equipment
used in research and development and electronic processing equipment.
"Woodford Reserve's expansion in Versailles, adding 15 additional jobs, is
great news," said Sen. Julian M. Carroll, of Frankfort. "The company's more
than $35 million investment will allow Versailles and Woodford County to keep
reaping the rewards of good jobs, as well as to continue to stimulate the
economic growth and development of our area. I am proud to have Woodford
Reserve in Versailles and in the Commonwealth of Kentucky, and am pleased with
the company's continued success. I applaud Gov. Beshear for taking the lead in
supporting the expansion of our good corporate friend."
"We are very excited Brown-Forman decided to expand its Woodford Reserve
operations in our community," said Versailles Mayor Fred Siegelman. "The beauty
of this distillery, along with its rich history, continues to attract many
tourists to Kentucky and Versailles. We are grateful for the assistance
provided by Gov. Beshear, the team at the Cabinet for Economic Development and
the Woodford Economic Development Authority. Thank you Brown-Forman."
"We want to congratulate Brown-Forman and Woodford Reserve for their continued
commitment and contributions to Woodford County," said Woodford County
Judge-Executive John Coyle. "This expansion not only brings new jobs to our
community, but also increases the tax base, which allows us to better serve our
citizens. Thank you to Gov. Beshear, the Cabinet for Economic Development, and
the Woodford Economic Development Authority, who guided this project through
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