FRANKFORT, Ky. (July 8, 2025) – Today, Gov. Andy Beshear highlighted further manufacturing growth in Kentucky as Powell Valley Millwork, a CMPC company, announced a $29.6 million investment across two projects in Powell and Montgomery counties. The company will retain a total of 214 jobs and create 33 new ones.
“Powell Valley Millwork has successfully produced sustainable wood products for over 30 years in Kentucky and is positioned for even more growth with this expansion of both facilities,” said Gov. Beshear. “I want to congratulate the company’s leadership on this progress and thank them for their longstanding commitment to the commonwealth. I’m excited to see Heritage Millworks continue to grow and thrive in Powell and Montgomery counties.”
Both Powell Valley Millwork facilities are over 30 years old, and the company is upgrading its operational capacity and equipment to remain competitive in the wood industry. The project includes investments in modern equipment and automation as well as operation changes to increase production. The Clay City and Jeffersonville operations will see building and equipment improvements, as well as 33 new, full-time jobs. Overall, the company’s expansion of both its facilities will double production capacity.
“This expansion reflects our long-term commitment to growth, innovation and the future of Powell Valley Millwork. With the support of CMPC, we’re significantly increasing our production capacity and making strategic investments in automation and equipment – including new systems from Eagle Machinery, Stiles Machinery and TS Machinery – that will improve speed, precision and efficiency across our operations,” said Jimmy Thornberry, CEO of Powell Valley Millworks. “By expanding our production capacity for both Poplar and Radiata Pine products, we’re strengthening our ability to serve customers across North America with greater consistency, shorter lead times and increased flexibility. These projects align with CMPC’s global strategy and reinforce our shared vision for sustainable, scalable manufacturing in the U.S. We’re excited about what this means not just for our customers and suppliers, but for our employees and the communities of Clay City and Jeffersonville, where we’ll be creating new jobs and opportunities for long-term growth.”
Powell Valley Millwork is a leading manufacturer of interior moldings, millwork and trim boards, producing at scale with both Tulip Poplar and Radiata Pine. With more than three decades of experience, the company has built a strong reputation for quality, while continuously investing in its people, operations and the communities it calls home. Committed to sustainability, Powell Valley operates with a zero wood-waste policy and sources responsibly to reduce its environmental impact. Known for its clean, safety-minded facilities and values-driven culture, the company has earned the trust of customers across North America and the dedication of a skilled, long-standing team.
Powell County Judge/Executive Eddie Barnes showed his excitement for the project: “I am very excited to see the positive economic development impact that Powell Valley Millwork’s expansion project is going to have on our community. More new jobs being created at competitive wages is always a great thing to see in Clay City. This project is not only about growth but is also about an investment in the future of our community. The continued partnership between the Kentucky Cabinet for Economic Development, Powell County and Powell Valley Millwork is rewarding to see in action. I look forward to many more years of Powell Valley Millwork’s continued success in our community.”
Montgomery County Judge/Executive Chris Haddix spoke on the expansion’s impact on the county: “Powell Valley Millwork’s continued investment in their facility is something as a community we are excited about. We appreciate them continuing to find ways to invest in the facility and expand jobs. We think it’s a sign of the growth and direction of Montgomery County.”
Craig Dawson, executive director of Powell County Industrial Authority, mentioned the scope of the company: “Powell Valley Millwork is Powell County’s largest manufacturing employer. We are excited to see their continued growth and success in our community. The company continues to be a great partner with our Industrial Authority and is a shining example of how working together creates success for both the company and community. We look forward to PVM’s continued growth and success.”
Jason Rainey, executive director of Mt. Sterling-Montgomery County Economic Development, thanked the company for the continued investment in the community: “We are excited Powell Valley Millwork commitment to invest nearly $24 million in their facilities to retain and expand jobs in our community and region. We appreciate the vision of the owners and management team for the facility and the partnership of the leaders at the Cabinet for Economic Development so we can continue to support growth and expand local companies in this changing economy.”
Powell Valley Millwork’s investment and job creation build on the best five-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,200 private-sector new-location and expansion projects totaling over $36 billion in announced investments, creating more than 62,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history and $15 billion more than the next highest total.
The robust job creation has been accompanied by rising wages across the commonwealth. Since 2022, the average incentivized hourly wage has topped $26 in three consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; and Shelbyville Battery Manufacturing’s $712 million investment, creating 1,572 jobs in Shelby County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund. In 2023, Kentucky recorded over 2 million jobs filled for the first time ever and has stayed above that number ever since.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings, S&P Global Ratings and Moody’s Investors Service.
Earlier this year, Site Selection magazine ranked Kentucky in the top five nationally and second in the South Central region for economic development projects per capita in its 2024 Governor’s Cup rankings. Site Selection also placed Kentucky second in the South Central region and No. 6 nationally in its 2025 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear also announced a new initiative, called New Kentucky Home, to increase economic investment, attain and attract talent, and increase tourism across the state.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in May preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $380,000 in tax incentives based on the company’s investment of at least $23.9 million at its Powell County facility and annual targets of:
KEDFA also preliminarily approved an incentive agreement with Powell Valley Millwork under the Kentucky Reinvestment Act (KRA) program. The agreement can provide up to $1.2 million in tax incentives based on the company’s investment of $5.7 million and a 90% job retention rate at their Montgomery County facility.
Additionally, KEDFA approved Powell Valley Millwork for up to $180,000 in tax incentives across the two projects 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, Powell Valley Millwork 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 Powell Valley Millwork, visit PVMillwork.com.
A detailed community profile for Powell County can be viewed here.
A detailed community profile for Montgomery County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at NewKentuckyHome.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
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