Florida Tile to Relocate Corporate Headquarters to Kentucky
7/30/2009 1:19:00 PM
(Lexington, Kentucky) - Florida Tile Inc. will move its corporate headquarters here to Lexington from Lakeland, Florida to be closer to its manufacturing plant and national distribution center located in Lawrenceburg.
Gov. Steve Beshear and Economic Development Cabinet Interim Secretary Larry Hayes broke the news.
The project is one of the first to be approved by the Kentucky Economic Development Finance Authority, or KEDFA, under Kentucky's new incentive program, the Kentucky Business Investment Program. KEDFA preliminarily approved Florida Tile for up to $1,275,000 in tax incentives, which can be earned over a 10-year period through corporate income tax credits and wage assessments.
"By moving the corporate office closer to our manufacturing and distribution operations, we believe we can develop many new synergies and improve communication,' said Andrea Zanni, executive vice president and chief financial officer for Florida Tile.
The corporate headquarters relocation, which is anticipated to be complete within one year, will result in the initial creation of 25 new jobs growing to 51 over the term of the agreement. The project represents a capital investment of $3,732,500 in the state.
Florida Tile is a manufacturer and distributor of porcelain and ceramic wall tile. The company also imports and distributes natural stone and other decorative products. Florida Tile is a fully owned subsidiary of Panaria Group, a public company on the Milan Stock Exchange (MILAN: PAN IM) and a manufacturer and distributor in over 100 countries around the world, through six manufacturing sites in Italy, Portugal and the USA and eight brands positioned in the high-end of the market.
For more information about Florida Tile visit http://www.floridatile.com/