Latest / Kentucky Business News / 7.30.26

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7.30.26 · Kentucky Business News

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  Speaker 1: Hello. Today, I'll be reading from business sources in Lexington
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  Speaker 1: and Louisville, including The Lane Report and others from around
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  Speaker 1: the Commonwealth. A reader today is Julia Shane. As a reminder,
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  Speaker 1: RADIOI is a reading service intended for people who are
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  Speaker 1: blind or who have other disabilities that make it difficult
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  Speaker 1: to read printed material. Our first article comes from the
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  Speaker 1: July twenty fourth, twenty twenty sixth edition of The Lane
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  Speaker 1: Report and is titled Keeping the Dream of home Ownership
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  Speaker 1: within Reach, written by Anne Elizabeth de Lanty. For too
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  Speaker 1: many Kentuckians, the dream of home ownership has begun to
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  Speaker 1: feel just that a dream. The challenge is bigger than
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  Speaker 1: rising home prices or higher interest rates. Kentucky's housing market
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  Speaker 1: is becoming healthier, but the underlying shortage of homes remains.
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  Speaker 1: In May, inventory reached five point three months of supply,
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  Speaker 1: the strongest level in recent years and within the range
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  Speaker 1: many experts consider a balanced market, giving buyers more choices
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  Speaker 1: than they've had in some time. Yet that progress follows
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  Speaker 1: years of underbuilding that left too many families competing for
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  Speaker 1: too few homes. Long term affordability depends on increasing the
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  Speaker 1: housing supply across the Commonwealth, young families are delaying their
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  Speaker 1: first home purchase. In fact, according to the National Association
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  Speaker 1: of Realtors, the typical first time home buyer is now
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  Speaker 1: forty years old, a record high that reflects just how
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  Speaker 1: difficult it has become to enter the housing market. Working
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  Speaker 1: professionals with stable careers wonder whether they'll ever save enough
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  Speaker 1: for a down payment. Retirees hoping to downsize often find
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  Speaker 1: too few options across Kentucky. The problem isn't a lack
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  Speaker 1: of demand, it's a lack of homes. That's why the
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  Speaker 1: bipartisan twenty first Century Road to Housing Act, signed into
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  Speaker 1: law on July eleventh, is such an important milestone. As
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  Speaker 1: the largest federal housing package in nearly two decades, it
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  Speaker 1: includes nearly fifty measures to increase housing supply, expand access
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  Speaker 1: to home ownership, modernize financing, and reduce barriers to building
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  Speaker 1: the homes our communities need. Will this law make homes
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  Speaker 1: affordable overnight. No. There is no single solution to a
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  Speaker 1: housing shortage that has developed over many years, but it
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  Speaker 1: begins addressing the root cause of today's affordability challenges. There
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  Speaker 1: simply aren't enough homes. Kentucky realtors has long believed the
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  Speaker 1: best way to improve affordability is to increase opportunity by
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  Speaker 1: encouraging more housing, supporting responsible development, and expanding pathways to
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  Speaker 1: home ownership. This victory also didn't happen overnight. For nearly
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  Speaker 1: two years, Kentucky realtors worked alongside the National Association of
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  Speaker 1: Realtors and partners across the country to make housing a
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  Speaker 1: national priority. Through research, advocacy, and meetings with lawmakers, we
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  Speaker 1: consistently reinforce one message, increasing housing supply is essential to
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  Speaker 1: improving affordability. The legislation's overwhelming bipartisan support shows what's possible
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  Speaker 1: when leaders focus on practical solutions. Every day, realtors meet
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  Speaker 1: first time buyers who have done everything right, saved, diligently,
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  Speaker 1: improve their credit, and prepared financially, only to discover there
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  Speaker 1: aren't enough homes within reach. We've seen growing families unable
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  Speaker 1: to move, and teachers, nurses, first responders, and young professionals
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  Speaker 1: priced out of the communities they serve. These aren't just statistics,
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  Speaker 1: there are neighbors. The good news is that progress is possible.
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  Speaker 1: The twenty first Century Road to Housing Act expands tools
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  Speaker 1: to increase housing supply, modernizes financing programs and reduces barriers
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  Speaker 1: to new construction. These reforms will take time, but they
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  Speaker 1: begin addressing the imbalance between supply and demand instead of
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  Speaker 1: simply treating its symptoms. Home Ownership has always represented more
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  Speaker 1: than a place to live. It creates stability for families,
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  Speaker 1: strengthens neighborhoods, builds generational wealth, and supports local economies. Kentucky
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  Speaker 1: realtors will continue advocating for policies that expand housing opportunities
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  Speaker 1: and protect the dream of home ownership. While this legislation
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  Speaker 1: is a significant step forward, more work remains to improve
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  Speaker 1: affordability and ensure future generations of Kentuckians can own a home.
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  Speaker 1: If you've wondered whether home ownership is still possible, don't
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  Speaker 1: lose hope. The housing market remains challenging, but meaningful change
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  Speaker 1: begins with meaningful action. This law proves leaders from both
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  Speaker 1: parties can come together around solutions that matter to everyday Americans.
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  Speaker 1: The American dream of home ownership belongs within reach of
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  Speaker 1: every Kentuckian, regardless of zip code, age, or circumstance. This
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  Speaker 1: legislation is an important step toward ensuring that opportunity remains
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  Speaker 1: available for those willing to work for it. Next article
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  Speaker 1: from the Lane Report is titled Brown Foreman rejects unsolicited
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  Speaker 1: acquisition proposal from Sazarac. Louisville based Brown Forman Corporation has
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  Speaker 1: rejected an unsolicited acquisition proposal from fellow spirits company Sazarak,
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  Speaker 1: with both the company's board and its controlling family shareholders
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  Speaker 1: reaffirming their commitment to the company's long term independent strategy.
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  Speaker 1: Brown Foreman announced that its Board of directors reviewed sasaaq's
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  Speaker 1: proposal and, after considering the position of Wolfpen Branch LP,
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  Speaker 1: a group of Brown Foreman members representing the majority of
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  Speaker 1: the company's Class A voting shares, determined that the proposal
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  Speaker 1: was not actionable. The decision effectively in speculation that one
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  Speaker 1: of Kentucky's largest publicly traded companies could become part of
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  Speaker 1: another major spirits producer. As fourth, fifth and sixth generation
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  Speaker 1: shareholders of Brown Foreman, we care deeply about the company,
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  Speaker 1: its brands, its people, and its culture, Wolfpen Branch LP
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  Speaker 1: said in a statement. We are confident in the strength
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  Speaker 1: and competitive position of the business and believe the company
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  Speaker 1: is well positioned to deliver long term value for all shareholders.
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  Speaker 1: We have concluded that Sasarak's proposal does not align with
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  Speaker 1: this vision for Brownforman's future. The Brown family has maintained
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  Speaker 1: voting control of the company through its dual class share structure,
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  Speaker 1: giving the family significant influence over major corporate decisions. Despite
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  Speaker 1: Brown Foreman being publicly traded, Brownforman chairman Marshall B. Ferrer
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  Speaker 1: so the board remains focused on executing the company's long
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  Speaker 1: term strategic plan rather than pursuing a sale. Brownforman's board
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  Speaker 1: and leadership team are confident that the company will continue
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  Speaker 1: to deliver long term growth and shareholder value. Farr said
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  Speaker 1: the company remains focused on executing its strategic plan, including
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  Speaker 1: expanding its geographic footprint, building brands that resonate with consumers,
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  Speaker 1: and enhancing operational efficiency, while continuing to explore additional opportunities
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  Speaker 1: to create sustained value for all shareholders. Ferrer also pointed
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  Speaker 1: to what he described as the next chapter of leadership,
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  Speaker 1: signaling confidence in the company's succession planning as it continues
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  Speaker 1: to invest in future growth. Headquartered in Louisville, Brown Foreman
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  Speaker 1: has been a fixture of Kentucky's bourbon industry for more
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  Speaker 1: than one hundred fifty five years. The company owns some
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  Speaker 1: of the world's most recognizable premium spirit brands, including Jack Daniels,
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  Speaker 1: Woodford Reserve, Old Forrester, and Slain Irish Whiskey, along with
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  Speaker 1: Tequila Rum, Jim Scotch Whiskey, and Liqueur, brands sold in
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  Speaker 1: more than one hundred seventy countries. The next article from
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  Speaker 1: the Lane Report is titled U of l announces news
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  Speaker 1: Center for Bioscience and concepts for an innovation park. Seventy
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  Speaker 1: million dollar biosciences building to anchor development on former Kentucky
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  Speaker 1: Trailer property. The University of Louisville is moving forward with
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  Speaker 1: plans for a new Center for Bioscience, a federally funded
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  Speaker 1: research facility that will serve as the cornerstone of a
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  Speaker 1: larger innovation park designed to strengthen the university's research capabilities
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  Speaker 1: and drive economic development in the region. Backed by a
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  Speaker 1: seventy million dollar federal appropriation secured through the efforts of
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  Speaker 1: US Senator Mitch McConnell, the approximately seventy thousand square foot
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  Speaker 1: Center for Bioscience will be the first building constructed on
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  Speaker 1: the former Kentucky Trailer property, a thirty seven acre site
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  Speaker 1: acquired by the UL Foundation in two thousand eight. University
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  Speaker 1: leaders say the facility will create a collaborative environment where
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  Speaker 1: researchers from the Health Science Center and Bell Knapp Campus
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  Speaker 1: can work together across discipline including biosciences, engineering, and computational science,
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  Speaker 1: to accelerate scientific discoveries and technology commercialization. The Center for
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  Speaker 1: Bioscience represents a strategic investment in the university's research enterprise
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  Speaker 1: and will transform the regional innovation ecosystem, said u of
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  Speaker 1: L President Jerry Bradley. The larger vision for an innovation
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  Speaker 1: park will further drive collaborative research and expand our connection
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  Speaker 1: with industry and the community. The new building will be
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  Speaker 1: located adjacent to the JB. Speed School of Engineering on
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  Speaker 1: the northeast portion of the site, which is bordered by
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  Speaker 1: South third Street, south Brook Street, and the CSX and
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  Speaker 1: Norfolk Southern rail lines. During its July twenty third meeting,
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  Speaker 1: the u of L Board of Trustees reviewed concept plans
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  Speaker 1: for the broader Innovation Park presented by developer Wexford Science
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  Speaker 1: and Technology. The mixed UICE development envisions additional academic and
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  Speaker 1: private sector research facilities, residential space, dining options, parking, and
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  Speaker 1: public green space. Plans also include evaluating future uses for
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  Speaker 1: the site's historic drop Forge building and constructing a pedestrian
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  Speaker 1: bridge over the railroad tracks to improve connectivity with Bellknapp Campus.
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  Speaker 1: According to university officials, the Center for Bioscience is expected
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  Speaker 1: to serve as a catalyst for attracting research partnerships and
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  Speaker 1: private investment while expanding the university's scientific infrastructure. As the
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  Speaker 1: first building to be constructed in the Innovation Park, the
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  Speaker 1: Center for Bioscience will catalyze expansion of the university's scientific
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  Speaker 1: capacity and strengthen regional and national innovation competitiveness, said John Klein,
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  Speaker 1: Executive vice President for Research and Innovation. The building is
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  Speaker 1: key and our goal of advancing the translation of discoveries
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  Speaker 1: by fostering multidisciplinary research and collaboration. The research facility will
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  Speaker 1: feature wet and dry laboratories, computational research space, shared core facilities,
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  Speaker 1: conference rooms, collaborative work areas, and offices to support basic, applied,
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  Speaker 1: and translational research. It also will provide space for biomedical
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  Speaker 1: technology design and prototyping, testing, industry partnerships, and federally funded
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  Speaker 1: research initiatives focused on addressing healthcare challenges. University officials say
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  Speaker 1: the broader Innovation Park is intended to create a hub
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  Speaker 1: where industry and academia work side by side. Companies locating
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  Speaker 1: within the development will have opportunities to collaborate with u
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  Speaker 1: of L researchers and clinicians, recruit students and graduates, utilize
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  Speaker 1: shared research infrastructure, and accelerate commercialization of new technologies. The
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  Speaker 1: project reflects u of l's long term strategy to expand
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  Speaker 1: its research footprint while creating an innovation district that supports
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  Speaker 1: workforce development, entrepreneurship, and economic growth across Kentucky. Our next
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  Speaker 1: article comes from the July twenty seventh to twenty twenty
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  Speaker 1: sixth edition of the Louisville Courier Journal and is titled
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  Speaker 1: Wild Snacks opens massive new plant in Kentucky, written by
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  Speaker 1: Olivia Evans. When Jason Wright started Wild in twenty eighteen,
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  Speaker 1: high protein dupes of iconic snacks isles goodies weren't the
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  Speaker 1: dietary craze as they are today. Instead, right, a South
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  Speaker 1: Carolina native was searching for a way to solve his
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  Speaker 1: own snacking problem. I love potato chips, but potato chips
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  Speaker 1: don't love me, back, Wright told the Courier Journal. Through
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  Speaker 1: trial and error, He eventually had a crazy idea and
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  Speaker 1: found a way to reply the potato in potato chips
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  Speaker 1: with chicken breast while also not diminishing the crispy crunch
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  Speaker 1: of a traditional chip, and less than ten years later,
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  Speaker 1: Wild has grown into a leading high protein snack with
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  Speaker 1: twelve different products, including classic cheddar protein crackers, Sea salt
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  Speaker 1: and Vinegar protein chips, and hot honey protein crackers. As
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  Speaker 1: the macronutrient fad continues and more protein branded products land
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  Speaker 1: on shelves, Wild continues to scale and is found in
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  Speaker 1: more than twenty thousand stores like Target, Kroger, wal Mart,
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  Speaker 1: and Whole Foods across the United States. To meet the
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  Speaker 1: growing customer demand of the brand's protein riff of lazed
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  Speaker 1: potato chips or cheese at snack crackers, Wild opened a
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  Speaker 1: new one hundred thirty thousand square foot manufacturing facility in Winchester, Kentucky,
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  Speaker 1: on July twenty three. The company already operates two other
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  Speaker 1: facilities in Winchester, but Writes said the new facility will
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  Speaker 1: allow for it additional thirty million pounds of product to
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  Speaker 1: be made annually, three times more chips and crackers than
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  Speaker 1: the company currently produces in its other plants. I just
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  Speaker 1: think you're going to continue to see the industry move
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  Speaker 1: toward protein products. Right told the Courier Journal. You know,
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  Speaker 1: people just want more out of their snacks than they
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  Speaker 1: used to. What is Wild, The new two world product
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  Speaker 1: is dominating in a grocery store sector currently battling oversaturation,
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  Speaker 1: as seemingly every brand looks to drop a new protein
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  Speaker 1: laced product in an attempt to keep up with the
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  Speaker 1: latest health trends. For the past two years, Wild has
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  Speaker 1: landed on the Ink five thousand list of the fastest
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  Speaker 1: growing companies in the United States. Anticipating that trend will
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  Speaker 1: remain alive, the new Winchester manufacturing plant has built in
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  Speaker 1: space for its continued growth after the company has already
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  Speaker 1: outgrown its two other facilities. This facilit gives us the
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  Speaker 1: option to launch other protein snacks, so we need to
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  Speaker 1: do that to continue the growth for the brand. Right said.
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  Speaker 1: Walking through the oven warm building, the scent of warm
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  Speaker 1: cheddar and freshly baked buttery dough lingers in the air
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  Speaker 1: as a mixture made mostly of chicken breast, bone, broth
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  Speaker 1: and tapioca starch is folded into bits. From there, the
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  Speaker 1: doughy mixture travels through a line of conveyor belts manned
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  Speaker 1: by employees, where it is shaped into snack crackers or chips,
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  Speaker 1: dehydrated until reaching peak crispiness, and then dropped into a fryer,
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  Speaker 1: tossed in oil and seasoning, and then bagged and packed
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  Speaker 1: to head to the grocery store shelves. Right said, a
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  Speaker 1: key thing that sets Wild apart from other protein products
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  Speaker 1: is We're the only protein snack that starts with chicken breasts.
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  Speaker 1: Others add protein powder, whether it be a tortilla chip,
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  Speaker 1: whether it be a cracker, but the foundation of Wild
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  Speaker 1: is chicken breast. Wild in increasing production at new Kentucky facility.
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  Speaker 1: When Wright founded the company, he was living in Boulder, Colorado.
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  Speaker 1: With a desire to build out his brand, he started
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  Speaker 1: looking for a place to support his idea. His business partner,
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  Speaker 1: Philip Barnard, lives in Lexington and convinced Wright to journey
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  Speaker 1: out to the Commonwealth and see what it has to offer.
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  Speaker 1: Wright said once he got here, he was immediately able
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  Speaker 1: to connect with builders and get the company's first two
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  Speaker 1: production facilities up and running. Kentucky offers many perks for
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  Speaker 1: manufacturing facilities, as it's centrally located, which adds distribution in
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  Speaker 1: the greater Lexington area has a strong history of food
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  Speaker 1: and drink manufacturing, with brands like Ala One and JM.
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  Speaker 1: Smucker calling the region home. Before we knew it, we
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  Speaker 1: had met everybody, including the governor, multiple times, and it
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  Speaker 1: just like gelled together, Barnard said. Everybody welcomed us, and
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  Speaker 1: it's just a great environment. We Old started manufacturing in
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  Speaker 1: Kentucky in twenty twenty one. The company employed twenty five workers,
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  Speaker 1: Wright said, but now, thanks in part to massive expansion
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  Speaker 1: that opened July twenty third, the company is pushing two
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  Speaker 1: hundred employees and continuing to hire to support its multimillion
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  Speaker 1: dollar investment in Kentucky. Our mission is to change the world,
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  Speaker 1: right said. Don't settle for empty snacks like cheese It's
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  Speaker 1: and don't settle for powdered protein like quest. There's a
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  Speaker 1: better guy in town. It's Wild, And we give you
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  Speaker 1: the best of the empty snack, the crunch from cheese it,
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  Speaker 1: and we give you the whole food that other guys
• 17:37
  Speaker 1: give you powder. Our next article comes from the July
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  Speaker 1: twenty fourth, twenty twenty sixth edition of Louisville business First
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  Speaker 1: and as titled we Must Embrace Data centers to secure
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  Speaker 1: our economic future, written by Stacy Griggs, co founder and
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  Speaker 1: chairman of Louisville based about Bit, a crypto mining company.
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  Speaker 1: Artificial and intelligence is reshaping the global economy at a
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  Speaker 1: pace not seen since the Industrial Revolution. Louisville now faces
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  Speaker 1: a defining choice embrace the infrastructure powering this transformation, or
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  Speaker 1: watch billions in investment, thousands of jobs, and significant tax
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  Speaker 1: revenue flow elsewhere. The proposed moratorium on new hyperscale data
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  Speaker 1: centers is the wrong approach. Instead of discouraging investment, Louisville
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  Speaker 1: should welcome these facilities while adopting thoughtful standards that address
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  Speaker 1: legitimate community concerns. Residents understandably have questions about electricity, water use, noise,
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  Speaker 1: and land use. Those concerns deserve answers based on facts
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  Speaker 1: rather than assumptions. One common misconception is that data centers
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  Speaker 1: inevitably drive up electricity prices. Research from Lawrence Berkeley National
• 18:51
  Speaker 1: Laboratory has found no primary correlation between data centers and
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  Speaker 1: rising retail electric rates. In many cases, their predictable large
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  Speaker 1: scale demand encourages utilities to invest in new generation and
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  Speaker 1: transmission infrastructure, strengthening the grid for everyone Kentucky will generate
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  Speaker 1: the electricity these facilities use, regardless of where they are built.
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  Speaker 1: The question is whether Louisville captures the economic benefits or
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  Speaker 1: watches them cross the river to southern Indiana or other
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  Speaker 1: Kentucky communities. Water use is another frequent concern, yet Louisville
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  Speaker 1: is uniquely positioned to support this industry. The Ohio River
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  Speaker 1: carries roughly seventy eight billion gallons of water past our
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  Speaker 1: city each day. Even a large data center would consume
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  Speaker 1: only a tiny fraction of that volume, and modern facilities
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  Speaker 1: increasingly rely on advanced cooling technologies that recirculate water and
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  Speaker 1: improve efficiency. The economic benefits are substantial, beyond billions in
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  Speaker 1: private capital investment. Data centers create high paying technical careers
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  Speaker 1: and construction jobs, increase demand for local suppliers, and expand
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  Speaker 1: fiber infrastructure that benefits the underserved region. These investments can
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  Speaker 1: help bridge the digital divide. The stakes extend well beyond Louisville.
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  Speaker 1: Artificial intelligence is becoming a defining economic and national security priority.
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  Speaker 1: The computing infrastructure that powers AI will shape healthcare, manufacturing,
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  Speaker 1: scientific research, logistics, education, and defense. For decades. Communities that
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  Speaker 1: build this infrastructure will attract the company's talent and investment,
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  Speaker 1: driving the next generation of economic growth. Louisville has too
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  Speaker 1: often allowed opportunities to stall because of prolonged opposition to
• 20:45
  Speaker 1: new development. Projects that ultimately proved beneficial were delayed for years,
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  Speaker 1: costing our community jobs, investment, and tax revenue. We should
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  Speaker 1: learn from that history rather than repeat it. This does
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  Speaker 1: not mean abandoned responsible oversight. Reasonable standards governing noise, esthetics,
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  Speaker 1: water management, and environmental performance are appropriate. A blanket moratorium, however,
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  Speaker 1: sends exactly the wrong message to companies deciding where to
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  Speaker 1: invest billions of dollars. The fiscal implications are equally important.
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  Speaker 1: Jefferson County Public Schools faces significant financial challenges. A single
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  Speaker 1: ten billion dollar data center would generate tens of millions
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  Speaker 1: of dollars annually in additional local tax revenue. Multiple facilities
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  Speaker 1: could provide a meaningful, long term source of funding. Louisville
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  Speaker 1: possesses many advantages that competing communities would welcome. Abundant water,
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  Speaker 1: reliable power infrastructure, a strategic central location, and a skilled workforce.
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  Speaker 1: These assets position us to become a leader in one
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  Speaker 1: of the world's fastest growing industries. The next generation of
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  Speaker 1: transform remative infrastructure is digital data centers are the factories
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  Speaker 1: of the AI economy. The question is not whether these
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  Speaker 1: facilities will be built. They will. The only question is
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  Speaker 1: whether Louisville will help shape that future or allow someone
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  Speaker 1: else to capture the opportunity. The next article from Louisville
• 22:19
  Speaker 1: Business First is titled new owner reveals plans for bankrupt
• 22:24
  Speaker 1: Kentucky distillery written by Steven Schmidt. Within thirty to sixty days,
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  Speaker 1: Mark Newman and his team at A twenty one Wine
• 22:34
  Speaker 1: in Spirits expect to move into the former Luca Mariano
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  Speaker 1: distillery in Danville, Kentucky. When Business First spoke with Newman,
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  Speaker 1: the CEO of A twenty one Wine in Spirits, he
• 22:46
  Speaker 1: unveiled a few plans for the distillery. At the time,
• 22:51
  Speaker 1: he was waiting for the sale to be finalized after
• 22:53
  Speaker 1: Luca Mariano and his parent company had both filed in
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  Speaker 1: the US Bankruptcy Court for the Eastern District, Michigan. The
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  Speaker 1: winning bid ended up being nineteen point five million dollars,
• 23:05
  Speaker 1: which includes two point two million dollars to Louisville based
• 23:09
  Speaker 1: farm credit leasing for the Rick house and an additional
• 23:12
  Speaker 1: two point two million to Louisville based Farm Credit Mid
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  Speaker 1: America for other loans. We are elated, Newman said when
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  Speaker 1: he found out his company had the winning bid. We're
• 23:24
  Speaker 1: still very excited just getting the court confirmation. Finally, it's
• 23:28
  Speaker 1: a very transformative move for us as a company. Once
• 23:32
  Speaker 1: the paperwork is finalized, Newman will have a fairly brand
• 23:35
  Speaker 1: new facility sitting on a five hundred and twenty nine
• 23:39
  Speaker 1: acre plot of land that will be called the Samuel T.
• 23:43
  Speaker 1: Damn Good Whiskey Company. The building will also serve as
• 23:46
  Speaker 1: the brand home for the newly acquired Noble Oak, bourbon
• 23:50
  Speaker 1: and other brands for possible contract clients. We're anxious to
• 23:54
  Speaker 1: get the distillery open and create jobs, Newman told Business First.
• 23:59
  Speaker 1: We've got six thousand, six hundred barrels to start to
• 24:02
  Speaker 1: work with, which is nice. We want to be good
• 24:04
  Speaker 1: participants and good community members. Those barrels largely come from
• 24:09
  Speaker 1: Wilderness Trail Distillery, which is also located in Danville. The
• 24:14
  Speaker 1: distillery itself had only made around two hundred barrels of
• 24:17
  Speaker 1: whiskey before it was shut down. Newman said Nobel Oak
• 24:21
  Speaker 1: had been made and stored at the Lawrenceburg, Indiana Distillery
• 24:25
  Speaker 1: MGP Ingredients, but will start to bring many of those
• 24:29
  Speaker 1: barrels to the rick house at the Danville property, which
• 24:33
  Speaker 1: can hold up to eleven four hundred barrels. Nobel Oak
• 24:37
  Speaker 1: is a separate brand, but we want to give it
• 24:39
  Speaker 1: a home, Newman said. What's next for A twenty one
• 24:43
  Speaker 1: Spirits in Danville, Kentucky. Eventually A twenty one will start
• 24:47
  Speaker 1: laying down barrels for Noble Oak, but Newman said that
• 24:50
  Speaker 1: given his current supply of barrels of the expression, his
• 24:54
  Speaker 1: top priority is distilling and filling barrels for the new
• 24:58
  Speaker 1: product line. That line will include a straight bourbon, a rye,
• 25:03
  Speaker 1: a weeded bourbon, and a smoked bourbon Noble Oak. Though
• 25:07
  Speaker 1: with its large distribution network that A twenty one inherited
• 25:12
  Speaker 1: is quickly gaining momentum over A twenty one's top selling
• 25:15
  Speaker 1: Monkey in Paradise vodka. Newman said that his team plans
• 25:19
  Speaker 1: to add a copper pot still to help produce the
• 25:23
  Speaker 1: vodka brand in addition to the numerous whiskies. In addition,
• 25:27
  Speaker 1: A twenty one recently announced its intention to buy Rod
• 25:31
  Speaker 1: and Hammers, a craft distillery in San Luis. Aspio, California
• 25:37
  Speaker 1: that will serve as a production center for Monkey and Paradise.
• 25:40
  Speaker 1: Here's a breakdown of the rest of the plans that
• 25:42
  Speaker 1: Newman talked about, converting the distillery tasting laboratory into a
• 25:47
  Speaker 1: tasting room, donating some of the property's acreage to programs
• 25:52
  Speaker 1: for retired thoroughbreds, looking for a plant manager and a
• 25:56
  Speaker 1: master distiller, adding at least two additional rickhouse, restoring a
• 26:02
  Speaker 1: stone home on the property, which is possibly one of
• 26:05
  Speaker 1: the oldest of its kind in the state. Note there
• 26:08
  Speaker 1: is also allegedly the largest limestone water well in the state,
• 26:12
  Speaker 1: according to Newman. Applying for admission to the Kentucky Bourbon
• 26:16
  Speaker 1: Trail and wanting to have a tasting room in Louisville,
• 26:21
  Speaker 1: Newman said that he heard that at one point the
• 26:24
  Speaker 1: home's owner may have owned slaves who eventually were allowed
• 26:28
  Speaker 1: to leave via the underground railroad. He said that he
• 26:32
  Speaker 1: wanted to reach out to researchers at nearby Center College
• 26:36
  Speaker 1: in Danville to find out the actual story. To help
• 26:40
  Speaker 1: finance all of his aspirations at Danville, A twenty one
• 26:44
  Speaker 1: is currently raising twenty million dollars in a series D
• 26:48
  Speaker 1: round of which he already has a commitment of seven
• 26:51
  Speaker 1: million dollars. Newman reiterated that he has had forty plus
• 26:57
  Speaker 1: years in the beverage alcohol industry, during which he has
• 27:01
  Speaker 1: turned around liquor and wine distributors and wineries that were
• 27:05
  Speaker 1: in similar straits as Luca Mariano. The Danville property represents
• 27:10
  Speaker 1: the first time he has tried to right size a distillery.
• 27:14
  Speaker 1: I'm a long term believer in the business and because
• 27:18
  Speaker 1: my orientation is to try and acquire some assets that
• 27:21
  Speaker 1: are of tremendous value like this distillery deal, Newman said.
• 27:26
  Speaker 1: We think if you have the correct cost of goods
• 27:30
  Speaker 1: and the correct investment costs in land, building and property,
• 27:34
  Speaker 1: you can make a good business and be profitable. We
• 27:38
  Speaker 1: have a very positive outlook for the business, and I'm
• 27:41
  Speaker 1: known to be a contrarian. I have done a lot
• 27:44
  Speaker 1: of turnarounds, mergers and acquisition work, so this is right
• 27:47
  Speaker 1: in our wheelhouse and we hope to be able to
• 27:49
  Speaker 1: create jobs in Kentucky, Newman said. He added that the
• 27:53
  Speaker 1: company plans to add fifteen to eighteen full time jobs
• 27:56
  Speaker 1: at the Danville facility, in addition to five to seven
• 28:00
  Speaker 1: part time. This concludes the reading of the most recent
• 28:03
  Speaker 1: business news in Lexington, Louisville, and around the state. Your
• 28:07
  Speaker 1: reader today has been Julia Shane. If you have any
• 28:09
  Speaker 1: questions or comments about this program, please give our Lexington
• 28:13
  Speaker 1: Studios a call at eight five nine four two two
• 28:17
  Speaker 1: six three nine zero. Thanks for listening, and now please
• 28:20
  Speaker 1: stay tuned for readings from the Kentucky series here on
• 28:23
  Speaker 1: RADIOI