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iPay Technologies Being Sold to Jack Henry Associates, Inc.
One of Elizabethtown’s most successful employers and one of Greater Louisville’s fastest growing businesses has sold to a national computerized transaction processing services firm for $300 million.On Friday, publicly traded Jack Henry and Associates Inc. announced its plan to buy Elizabethtown-based iPay within the next month.
Hardin County native Dana Bowers and her husband, Mike, founded an electronic bill payment service for financial institutions in 1997 and named it Call Me Bill. It was a telephone bill payment service they sold in 1999, then bought back in 2001. Eight years ago, the then-eight-employee company became iPay Technologies.
Dana Bowers also started a business called Military Services Inc., a third-party bill-payment service for active duty military personnel, which sold about six years ago.
Since then, iPay has grown to become the leading provider of online bill payment solutions to more banks and credit unions than any of its competitors. Its 250 employees provide service to more than 3,600 clients who, in turn, offer online bill pay options to more than a million small business and consumer subscribers. Its client base represents half of the nation’s credit unions and about 40 percent of the nation’s community banks.
“If you pay your bills online, it’s probably a company like ours,” iPay co-founder Dana Bowers said during an August interview.
She could not be reached Friday or Saturday for comment on the sale.
Bowers in August credited her company’s fast growth to the Internet. With iPay’s services offered via the Web, she said there’s no need for a large “brick and mortar” operation.
iPay’s growth has been so impressive in the past eight years that Louisville Mayor Jerry Abramson added Bowers’ company to an elite list of highly successful and fast-growing businesses dubbed the High-Impact Portfolio.
According to iPay’s anticipated buyer, iPay is the largest independent bill pay provider in the U.S.
With 11,800 customers nationwide, Jack Henry and Associates Inc. — traded on the Nasdaq as JKHY and supported by Symitar, ProfitStars and Jack Henry Banking — is the leading provider of computer systems and ATM/debit card/ACH transaction processing services for financial institutions.
In a news release Friday, Jack Henry CEO Jack Prim said the decision to acquire iPay was reached only after personal experience with the Elizabethtown firm.
“We have been longtime business partners with iPay and have used its platform to process the electronic bill payments,” Prim said.
The purchase, while expected to close in June, is subject to regulatory approvals and customary closing conditions.
Both buyer and seller are represented by multiple legal and financial advisers.
It’s unclear if the sale of iPay will have an impact on the company’s employees or its ties to Elizabethtown.
Bob White can be reached at (270) 505-1750.
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Project RENEW helps dislocated workers acquire new skill sets
(¬¬ELIZABETHTOWN, Ky.)—The Lincoln Trail Workforce Investment Board is offering a new employment assistance program, Project RENEW (Regional Economy Needing an Experienced Workforce). The program aims to match dislocated workers who are receiving unemployment insurance with full-time job openings while providing financial assistance to employers to help offset the cost of training new employees.
Project RENEW is part of the Recovery Act funded by the Workforce Investment Act (WIA). It is intended to preserve and create jobs as well as provide on-the-job training for dislocated workers receiving unemployment insurance. Vouchers of up to $5,000, or 50 percent of the trainee’s wages, are available through the program until June 30, 2011. Small businesses may also be eligible for reimbursement greater than 50 percent through June 30, 2010. Project RENEW services are available for a training period of up to six months, or 1,040 hours.
For more information on Project RENEW and other employment assistance options, employers should contact Jim Skees at the Lincoln Trail Area Development District (Phone: 270.769.2393) or visit www.ltcareercenter.org. The Lincoln Trail Workforce Investment Area includes Breckinridge, Grayson, Hardin, Larue, Marion, Meade, Nelson and Washington counties. Full-service Lincoln Trail Career Centers are located in Leitchfield, Elizabethtown, Bardstown and Lebanon.
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GLENDALE SITE RECEIVES CSX MEGASITE CERTIFICATION
ELIZABETHTOWN, KY. (April 12, 2010) A 1,551 acre site located in Glendale, Kentucky has been certified as a CSX Megasite by McCallum Sweeney Consulting, a leading site selection consulting firm based in Greenville, South Carolina.
The evaluation of the Glendale site is part of an initiative sponsored by CSX Transportation, Inc. and administered by McCallum Sweeney Consulting to identify and evaluate potential sites within the CSXT service area suitable for large-scale development projects.
Property size, access to CSX rail service, proximity to an interstate highway, labor availability, natural gas, wastewater and water infrastructures were part of the minimum criteria that was necessary in order to submit this property for consideration. Additionally, the site had to undergo a thorough and extensive environmental audit, and a geotechnical assessment. A wetlands delineation was completed and the site was certified free of endangered species. A complete archeological or historical significance assessment was also performed on the entire site. This entire certification process began in 2008.
“The distinction of being named a CSX Megasite by McCallum Sweeney Consulting is a tremendous benefit to the Glendale site in Elizabethtown,” said Governor Steve Beshear. “The site has previously been a finalist in many potential large-scale projects and this new honor will once again put a spotlight on this prime piece of shovel-ready property.”
Harry L. Berry, Hardin County Judge/Executive, stated, “Certification as ready for development by one of the Nation’s most prominent site selection consultants is certainly a huge boost to the marketability of our Glendale Industrial Site. Joining this elite list of industrial sites pre-qualified for immediate development by McCallum Sweeney Consulting (MSC) greatly improves our opportunities for attracting potential clients.” Berry further commented, “The prestige associated with being one of less than 15 sites receiving MSC’s Megasite Certification identifies our location as being relatively risk free for those projects that may be on a compressed time schedule for development and construction – it essentially validates that we are shovel ready.”
“The economy will turn, it always does. Those communities that have “ready sites” will have a distinct competitive advantage for companies who must build new capacity quickly while minimizing project start up risks.” said Ed McCallum, McCallum Sweeney Consulting.
Greg Jenkins, Chairman of the Board of the Elizabethtown/Hardin County Industrial Foundation, stated that having the title as a “CSX Transportation Certified Megasite” by McCallum Sweeney Consulting will greatly enhance the marketability of the site. “The effort it would take to complete all of the necessary assessments and audits to meet the requirements of the local, state and federal agencies involved is time and cost prohibitive to large companies looking for property in which to locate a project. With this work already completed, we are marketing this area as a shovel-ready site.” stated Jenkins.
“The sponsorship of the megasite certification program by CSX Transportation is one of significant importance in that the site is also recognized as being rail-served. The industrial foundation, along with our economic development partners, will market this site to clients who require large sites served by rail.” said Rick Games, President of the Elizabethtown/Hardin County Industrial Foundation.
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WL Plastics Breaks Ground
January 13, 2010--WL Plastics Corporation, a manufacturer and marketer of smooth-wall polyethylene pressure pipe, broke ground today on their new facility to be located in the Hughes Industrial Park. With this new facility, WL will operate five manufacturing plants in North America, including operations in Wyoming, Utah, Texas and Alberta, Canada. Upon completion of the rail-served facility, WL will employ approximately 40 people in management and production jobs.
“I’m pleased WL Plastics Corporation has chosen the Commonwealth to call home, bringing new jobs and investment to Elizabethtown,” said Governor Steve Beshear. “This approximately $9 million investment will provide a significant economic boost to the community, creating dozens of employment opportunities for Kentucky families.”
Mayor David Willmoth said, “We welcome WL Plastics to Elizabethtown, their first plant east of the Mississippi--a company that produces high density polyethylene pressure pipe that is used in the oil, gas, mining and municipal water. We welcome you and hope you continue to grow and expand as time moves forward.”
R. Gregory Jenkins, Chairman of the Elizabethtown/Hardin County Industrial Foundation, stated that WL Plastics is a company that will add to the diversity of our industrial base. “We have enjoyed the relationships that have developed with WL Plastics executives. They will be a great corporate citizen and we look forward to a prosperous future for their business in Elizabethtown. We are also excited about bringing these new jobs to the community during these challenging economic times”.
“We are excited about our new operation in Elizabethtown for a number of reasons”, said Mike Dahl, Director of WL Plastics. “The can-do attitude of the local community is a great fit for our company culture, and the location is excellent for servicing our customers and markets. This should be a great plant for WL and E-town.”
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Governor Beshear Announces Expansion of Akebono Corporation Headquarters in Elizabethtown
FRANKFORT, Ky. (Jan. 11, 2010) – Gov. Steve Beshear today announced new, professional jobs are coming to Elizabethtown with the expansion of Akebono Brake Corporation’s headquarters. Joined by Cabinet for Economic Development Secretary Larry Hayes, community leaders and company officials, Akebono Corporation said it would add 70 new jobs to its administrative offices as a result of discussions between Gov. Beshear and Akebono Corporation officials in Japan during the governor’s October 2009 economic development trip.
The world’s leading manufacturer of automotive brakes and brake components, Akebono recently acquired Robert Bosch LLC’s North American Foundation Brake Division. As a result, Akebono will invest $800,000 in its Elizabethtown headquarters operation to accommodate its growth. An additional 12,276 square feet of office space will be completed at its facility, located on Ring Road, to house the new staff necessary due to doubling the size of the company.
“Kentucky is proud to have an outstanding, world-class company like Akebono Corporation call Kentucky home for so many years,” said Gov. Beshear. “I was very encouraged by discussions with company officials in Japan last year about future growth opportunities at the Elizabethtown headquarters. Armed with a new economic incentive toolbox, we were able to secure this expansion for Kentucky, bringing new jobs to Kentucky families.”
Gov. Beshear and Secretary Hayes met with Akebono officials in Japan last fall to discuss its Kentucky presence, specifically future opportunities for its Elizabethtown headquarters. Kentucky’s new economic development incentive programs, passed during the 2009 special legislative session, were instrumental in securing Akebono’s expansion in the Commonwealth.
“Akebono has long had a presence in Kentucky and appreciates the advantages that Kentucky offers,” said Carl Lay, vice president of administration for North American operations. “This historic moment in our history more than doubles the size of Akebono, bringing more business, more jobs, and more opportunities to the Commonwealth and to the great workforce we have here at Akebono Brake.”
The Kentucky Economic Development Finance Authority preliminarily approved Akebono Corporation for tax benefits up to $800,000 under Kentucky’s new incentive program, the Kentucky Business Investment Program. The incentive can be earned over a 10-year period through corporate income tax credits and wage assessments. The maximum annual approved amount to be earned by Akebono is $80,000.
Akebono Corporation has historically operated all of its North American manufacturing facilities in Kentucky. Opening its first Kentucky facility in Elizabethtown in 1987, the company has since grown to become one of the largest manufacturing operations in Hardin County, employing 1,500 people in the area. The company relocated its North American headquarters to the Commonwealth in 2006.
“Since coming to Kentucky in 1987, Akebono has been a cornerstone of the Elizabethtown business community,” said R. Gregory Jenkins, chairman of the Elizabethtown/Hardin County Industrial Foundation. “They have achieved outstanding growth over the intervening 23 years, and with the Bosch acquisition, we welcome the expansion of the North American headquarters operation. Today, we take another step in fulfilling our mission to make Elizabethtown not just a great place to manufacture product but to manage operations with a nationwide scope.”
“Akebono has grown to become the leader of the automotive brake industry in the U.S. since locating to Elizabethtown in 1987,” said Elizabethtown Mayor Dave Willmoth. “We welcome the addition of new employees to the North American headquarters.”
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Dana Plant Sale
December 18, 2009--Dana Holding Corporation announced earlier this week that it has signed an agreement to sell its Global Structural Products business to Metalsa, S.A. de C.V., headquarted in Monterrey, Mexico. This sale will include the Elizabethtown Dana Plant. The Elizabethtown Plant Manager, Harland Sarbacker stated that he is excited about the new owners and that things will progress here in Elizabethtown. As part of this acquisition, Metalsa will also take control of the Dana frame operations in Owensboro and Hopkinsville. Please view the following links for additional information.
http://dana.mediaroom.com/index.php/press_releases/2209?printable
http://www.metalsa.com/files/info.pdf
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Elizabethtown Sports Park in Developmental Stage.
December 7, 2009--Elizabethtown Sports Park to be built adjacent to the Hughes Industrial Park. A revised layout for the new Elizabethtown Sports Park was unveiled to the public last week. The park will span over 150 acres and will feature baseball, softball, soccer and football complexes which will include concessions, restrooms, covered tables, shaded tent areas, pavillion-type structures, umpire locker rooms and covered vendor space. In addition, the park will feature walking/biking paths, playground/picnic area, Wi-Fi, public address system, etc. For more information on this park, please visit the website for the Elizabethtown Tourisim and Convention Bureau at: www.touretown.com
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WL Plastics To Open New Plant in Elizabethtown
ELIZABETHTOWN, KY. (December 2, 2009) - WL Plastics Corporation has announced plans to build a pipe manufacturing facility in Elizabethtown, KY. WL, a manufacturer and marketer of smooth-wall polyethylene (PE) pressure pipe, purchased land in the Hughes Industrial Park in May of 2008. They have recently hired Jenkins-Essex Construction of Elizabethtown to build the facility scheduled to open in the Spring of 2010.
With the new facility, WL will operate five manufacturing plants in North America, including operations in Wyoming, Utah, Texas and Alberta, Canada. The PE pipe products are sold into markets such as oil and gas collection, water, sewer, irrigation, landfill, mining and industrial applications.
Upon completion of the rail-served, 17 acre facility, WL will employ approximately 40 people in management and production jobs. The company plans to start hiring production and maintenance personnel by March of 2010.
A ground-breaking ceremony is planned for a later date.
The City of Elizabethtown and The Elizabethtown/Hardin County Industrial Foundation are proud to welcome W.L. Plastics to our community
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Freedom Metals Received Fast Fifty Award
November 19, 2009--Business First of Louisville recently recognized Freedom Metals for their rapid growth estimated between 75 to 90 percent for 2009. This is the sixth consecutive year that Freedom Metals has received the "Fast Fifty" Award as one of the fastest growing companies in the state. The company was also recognized this year in INC. Magazine 5000 as one of the fastest growing companies in the county. This is the third consecutive year that they have been recognized by INC. Freedom Metals is a family-run business serving the Kentucky & Indiana community since 1983. They specialize in processing all grades of both ferrous and non-ferrous scrap materials. They have two locations-Elizabehtown and Louisville and employe 85 people.
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Akebono Expands With Purchase of Bosch Foundation Brake Business
On September 24, 2009, Akebono Brake Industry Co., LTD of Japan announced that agreement was reached on the asset purchase for the foundation brake assets of Robert Bosch, LLC.
A new company named "ABMA, LLC" has been established for the purpose of the purchase of asset from Bosch and will be a fully owned subsidiary of Akebono Brake Corporation North America. The new assets purchased include manufacturing operations in Clarksville, TN and Columbia, SC. The transaction is anticipated to be completed by the end of 2009.
Akebono Brake Corporation's North American Headquarters is located in Elizabethtown, KY. Other locations include a Research and Development facility in Farmington Hills, MI with manufacturing operations in Glasgow, KY and Elizabethtown, KY. Total employment for Akebono North America's current operations is approximately 1500 before the addition of the two new plants in Clarksville, TN and Columbia, SC.
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Elizabethtown/Hardin County Industrial Foundation Training Consortium Awards Scholarship
August 2009--Ashli Poat,the daughter of Steve and Pam Poat of Leitchfield, a sophomore radiography student at the Elizabethtown Community and Technical College is the recipient of the 2009-2010 Elizabethtown Industrial Foundation Training Consortium Scholarship. The full-tuition scholarship is given annually to a student whose parent or legal guardin is employed by a consortium member company. Ashli's fater, Steve, is employed by Dow Corning.
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Congratulations Dana Bowers
August 2009--Dana Bowers, the co-founder and managing partner of iPay Technologies was recently announced as the winner of the Ernst & Young Entrepreneur of the Year® award. Each year Ernst & Young LLP recognizes outstanding entrepreneurs who have proven themselves through innovation, financial performance and personal commitment to their businesses and communities. Dana will compete on the national level in October. Additional information is available at www.ipaytechnologies.com.
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Incentives for a New Kentucky (INK)
Incentives for a New Kentucky (INK)
On June 26, 2009, Governor Steve Beshear signed into law House Bill 3, known as Incentives for a New Kentucky (INK) streamlining and modernizing Kentucky’s business incentive programs. Effective immediately this legislation does the following:
Provides a program for existing manufacturers who need to make a significant capital investment in Kentucky facilities in order to remain competitive;
Consolidates KIDA, KREDA, KJDA & KEOZ into a single, more flexible tax incentive program for new and expanding businesses;
Provides a sales and use tax refund for companies that are heavy users of computer and telecommunications equipment; and,
Expands KEIA to allow sales tax refunds for the purchase of electronic processing systems costing $50,000 or more.
Other new programs are also included in this landmark legislation that will further encourage small business, tourism and other forms of development across the state. For additional information on these incentives, contact the Elizabethtown/Hardin County Industrial Foundation at 270-737-0300 or email: eif@kvnet.org
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Copyright © 1996-2010 by the
Elizabethtown/Hardin County Industrial Foundation, Inc.
- Elizabethtown, Kentucky -
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