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5.7.26 · Kentucky Business News

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Speaker 1: Hello. Today, I'll be reading from business sources in Lexington
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and Louisville, including The Lane Report and others from around
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the Commonwealth. Your reader today is Julia Shane. As a reminder,
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RADIOI is a reading service intended for people who are
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blind or who have other disabilities that make it difficult
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to read printed material. Our first article comes from the
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May fifth, twenty twenty sixth edition of The Lane Report
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and is titled Fruit of the Loom's new Fresh Collection
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line targets young women. Fruit of the Loom is announcing
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the strategic launch of its Fresh Collection line, designed to
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capture the transition market young women ages thirteen to twenty two,
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navigating the gap between youth departments and adult entimates. By
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pairing a modern minimalist esthetic with its signature manufacturing scale,
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Bowling Green's headquartered, Fruit of the Loom is positioning itself
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to lead the next generation of value driven, inclusive essentials.
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There's a real time gap for young women who are
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in that in between stage when she's outgrown the girl's
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department but doesn't see herself in what's next, said Athena Ran,
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creative director. So much of what's out there feels either
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too trendy or too grown. With the Fresh collection offering,
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we want to create something that sits comfortably in between easy, modern,
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and designed to let her be herself. The launch is
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strategically designed to engage the thirteen to twenty two year
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old female consumer, aligning the assortment with gen Z's growing
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emphasis on self acceptance and authenticity as key purchase drivers.
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This launch builds on what the Fruit of the Loom
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brand has always done best, comfort and quality through the
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lens of a new generation, said Diana Harrell, vice president
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of Innerwar. At Fruit of the Loom, we have focused
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on this underserved female segment and created fresh product designed
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to reflect gen Z's values of self fie acceptance, authenticity,
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and individuality. The collection introduces a refined approach to standard sizing,
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offering a more inclusive and thoughtfully calibrated range that reduces
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friction purchase and builds long term brand affinity. Leveraging Fruit
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of the Loom's global supply chain, the line delivers trend forward,
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durable essentials at an accessible price point, meeting gen Z's
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expectations for both quality and value. The collection is widely
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available now through Walmart dot com and Walmart stores nationwide
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and will launch at additional retailers this summer. Fruit of
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the Loom Incorporated is an international leader in the design, manufacture,
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and marketing of family apparel, intimates, athletic apparel, and sporting equipment.
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The company has a portfolio of iconic brands, including Fruit
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of the Loom, Russell, Athletic Jerseys, Spalding and Vanity fare Lingerie.
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Fruit of the Life Zom Incorporated is a global holding
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company headquartered in Bowling Green, Kentucky. The next article from
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the Lane Report is titled Trump lifts tariffs on Scotch
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and Bourbon in a move that could reshape the Transatlantic
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whiskey landscape. President Donald Trump announced today that the United
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States will roll back certain tariffs impacting Scotch whiskey, potentially
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reopening a vital trade channel between Scotland and Kentucky, the
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heart of the bourbon world. The announcement followed a high
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profile White House visit from King Charles II in Queen Camilla,
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with Trump attributing the policy shift at least in part
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to their influence. The King and Queen got me to
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do something that nobody else was able to do, without
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hardly even asking. Trump posted on social media what's actually changing.
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While details remained somewhat markey, the administration signaled a move
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toward preferential duty access for UK produced whiskey. According to
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US trade representative Jamison Greer, Industry leaders and officials in
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Scotland are interpreting the move as a rollback or full
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removal of the ten percent tariff in post in twenty
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twenty five on British imports, including Scotch whiskey. Trump's own comments, however,
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focused heavily on a critical but often overlooked component of
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whiskey production, barrels. I just took all of the restrictions off,
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so Scotland and Kentucky can start dealing again, Trump said,
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referencing the exchange of barrels used to age both scotch
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and bourbon. The distinction matters by law. Bourbon must be
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aged in new charred oak barrels, many of which are
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then exported, often to Scotland, where they are reused to
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age Scotch whiskey. Any disruption to this flow has ripple
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effects across both industries. Why this matters for bourbon, Kentucky
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produces roughly ninety five percent of the world's bourbon and
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its relationship ship with Scotland is more symbiotic than competitive.
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American oak barrels are foundational to Scotch maturation, while the
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Scotch industry represents a major secondary market for used bourbon barrels.
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When tariffs hit in twenty twenty five, this impact was swift.
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One the Scotch Whiskey Association reported a fifteen percent drop
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in exports to the United States, two trade tensions sparked
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retaliatory threats against American bourbon, and three supply chain uncertainty
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affected cooperages and distillers on both sides of the Atlantic.
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This latest development could signal a return to the industry's
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preferred zero for zero tariff model, long viewed as essential
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for growth and stability. Chris Swanger, president and CEO of
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the Distilled Spirits Council, welcomed the move. This action strengthens
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the Transatlantic ties, brings much needed certainty to our industry
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and allow vile spirits producers on both sides of the
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Atlantic to grow, invest and support jobs at a critical
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time a diplomatic poor. Scotland's First Minister, John Sweeney called
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the move a tremendous success, noting the economic strain tariffs
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had placed on Scottish producers. People's jobs were at stake,
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millions of pounds were being lost every month. Swainey said.
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The timing and optics are hard to ignore. With trade
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tensions simmering globally, whiskey once again proved to be both
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a bargaining chip and a bridge the bigger picture. Trump
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has previously used alcohol tariffs says leverage, even floating a
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two hundred percent tariff on European wine last year, a
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proposal that never materialized. Meanwhile, foreign governments have threatened retaliatory
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tariffs on bourbon, a reminder that American whisky is not
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just a cultural icon, but a geopolitical player. This latest
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move suggests a shift in tone, one that favors cooperation
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over confrontation, at least for now. Final poor. Whether this
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policy fully eliminates tariffs or simply reduces them remains to
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be clarified, but one thing is clear. The Bourbon Scotch
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pipeline is flowing again for distillers in Kentucky and Scotland alike.
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That's worth raising a glass too. The next article from
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the Lane Report is titled Fayette Mall Refinancing will net
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five million dollars more in cash flow for owner CBL Properties.
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CBL Properties has completed a refinancing of Fayette Mall, a
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super regional enclosed mall located in Lexington, Kentucky, in a
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restructuring that will improve cash flow by five million dollars.
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The Chattanooga based mall operator announced. Fayette Mall is a
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fifty five year old regional shopping mall located at three
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four zero one Nicholas Vielle Road in southern Lexington. With
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more than one hundred and seventy national, regional, and las
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local brands of retail, dining, and a sixteen screen cinema
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movie theater. It's the largest mall in the state of Kentucky.
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The mall's anchor stores are Macy's, J. C. Penny, Dick's
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Sporting Goods, and Dillard's. The financing replaces the existing ninety
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eight point six million dollar loan with a new ninety
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seven point five million dollar, five year, non recourse CMBs
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loan with a fixed interest rate of approximately seven point
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twenty five percent. The new loan's more favorable amortization structure
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results in approximately five million in additional cash flow to CBL.
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The company states in a news release, this refinancing underscores
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the strength and attractiveness of high quality retail real estate
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in the capital markets and reflects lender confidence in Fayette
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Mall's performance and long term outlook. Said Ben Jenek, CBL's
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EVP and chief financial officer. We continue to make significant
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progress addressing upcoming maturities through disciplined, non recourse asset level
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financing that improves our cash flows and creates flexibility in
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our capital structure. Gen X said. Our maturity profile in
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twenty twenty seven and beyond is well laddered with modest
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near term maturities. Fayette Mall is one of CBL's flagship
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assets and benefits from strong tenant demand, solid operating fundamentals,
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and its position as the leading retail destination in the
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Lexington market. CBL Properties owns and manages a national portfolio
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of eighty eight properties totaling fifty five point six million
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square feet across twenty three states, including fifty five high
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quality enclosed malls, outlet centers, and lifestyle retail centers, as
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well as more than twenty five open air centers and
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other assets. CBL seeks to continuously strengthen its company portfolio
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through active management, aggressive leasing, and profitable reinvestment in its properties.
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The next article from the Lane Report is titled Kentucky
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Biggest cattle state east of the Mississippi Celebrating Beef Month.
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Kentucky cattle producers and industry representatives joined Kentucky Commissioner of
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Agriculture Jonathan Shell Monday as he signed a proclamation commemorating
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the month of May as Kentucky Beef Month. Through the
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hard work of our cattle farmers, Kentucky retains its distinction
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as the state with the largest beef inventory east of
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the Mississippi River with eight hundred and sixty two thousand head.
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Commissioner Shell said, I joined Kentuckians in recognizing the effort, diligence,
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and perseverance of this important agricultural sector as we celebrate
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May as Kentucky Beef Month. The United States is the
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world's second largest producer of beef, primarily high quality grain
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fed beef. Kentucky ranks fourteenth nationally for total cattle inventory
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with one point eight two million head, and tenth in
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the nation for beef cattle. According to the National Agricultural
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Statistics Service, Kentucky is home to thirty one thousand, sixty
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beef cattle producers. Of these sixty nine thousand, four hundred
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total farms in the state, behind every flavorful bite is
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a story of care and commitment, said Kelly Baird, Kentucky
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Beef Council, Director of Communications and Events. This May, we're
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celebrating that delicious product and the people who bring it
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to our tables. What better way to celebrate our beef
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producers than behind the grill. Explore recipes, cooking tips, and
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what raising beef looks like in Kentucky at kentuckybeef dot com.
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January twenty twenty six, numbers for all cattle inventory are
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down slightly from twenty twenty five, matching what's happening nationally.
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The US beef cattle reached a sixty four year low
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in twenty twenty five. Several factors, including low calf prices,
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high costs, and drought across the country played a role
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in the declining inventory. In contrast, the lower number of
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beef cattle has created a higher market demand and driven
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up the sale price for farmers. The tight national cattle
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supply and higher market prices will likely contribute to higher
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agricultural receipts for the state. The final agricultural cash receipts
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for twenty twenty four, the latest available, show the cattle
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and calfs sector brought in one point five billion dollars,
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ranking it first for Kentucky commodities. Cattle prices are expected
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to remain strong and potentially peak following a year of
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high demand in twenty twenty five. Tight supplies and strong
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demand drove the market for much of twenty twenty five,
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with Kentucky cattle prices up twenty to thirty percent from
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the previous year. Its predicted Kentucky's anticipated strong livestock sector
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could help maintain overall cash receipts above eight billion dollars
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for twenty twenty five, with estimates of a record eight
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point five billion dollars for twenty twenty six. The top
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five Kentucky counties for number of beef cattle are Baron, Pulaski, Madison, Breckinridge,
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and Warren. The next article from the Lane Report is
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titled Armour iMac invests nearly six million dollars forty four
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jobs to expand Boone County operation. Increased manufacturing output will
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help the company meet growing consumer demand. Today, Governor Andy
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Basheer highlighted an exciting new project for Kentucky's manufacturing industry,
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as Armour iMac announced plans to expand its Boone County facility.
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The nearly six million dollar investment will create forty four
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Kentucky jobs and sixty five total jobs, further strengthening the
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Commonwealth's record setting economic growth over the past six years.
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One of the key drivers behind our historic economic momentum
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has been Kentucky based companies continuing to reinvest in the
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communities they serve, said Governor Basheer. This expansion is a
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testament to not only our state's resources and business friendly environment,
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but also to the skilled workforce and dedicated partners collaborating
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at the local and state levels. I'm happy to see
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forty four new quality jobs coming to Boone County and
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look forward to armor Imac's continued success. Armor iMac is
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the Armor Group's North American business making thermal transfer ribbons
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for digital printing uses. The expansion will increase production capacity
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and consolidate select production volumes from other facilities within its
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global network. The investment includes facility modifications, new equipment installation,
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and workforce expansion to support additional manufacturing output. The forty
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four new positions will span manufacturing, technical and support functions,
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bringing the company's total Kentucky workforce to over one hundred employees.
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We are proud to deepen our commitment to Kentucky and
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the Boone County community through this expansion and are grateful
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for the support of Governor Basher's administration and the Kentucky
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Economic Development Finance Authority, said Armor iMac COO Ryan Hitcamp.
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This investment will strengthen our manufacturing capacity to meet growing
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customer demand while creating high quality job opportunities for local residents.
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We look forward to continuing our partnership with the state
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and contributing to Kentucky's ongoing economic momentum. Armor iMac, Incorporated
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is the North American thermal transfer ribbon business of Armor Group,
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a global leader in thermal transfer ribbons, labels, and digital
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printing consumables. The Armor Group is headquartered in Nance, France,
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and operates manufacturing and commercial facilities worldwide, serving customers across industrial, logistics, retail, healthcare,
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and packaging markets. The next article comes from the May fifth,
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twenty twenty sixth edition of Louisville Business First and is
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titled UFL Moves Forward with NIL Entity, written by Stephen Schmidt.
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Less than two weeks after approving the creation of Cardinal Ventures,
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the University of Louisville Athletic Association Board of Directors approve
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the name, Image and Likeness in IL and sponsorship entities
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that will drive the new organization. On Monday morning, members
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of the ULAA heard opening comments from the board's chair
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U of L President Gary Bradley before voting on the
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motion that would establish the foundation of Cardinal Ventures. The
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measure now awaits approval from the U of L b
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Board of Trustees. It is unclear whether the board will
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hold a special session before its next schedule meeting on
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June twenty fifth. It will operate essentially to be a
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vehicle for us to be able to have a direct
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line of sight of dealing with our student athletes right
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now in this era of NIL, Bradley told the board
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on the video call. Right now, we do not have
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a structure designed for that purpose. Specifically. In addition to
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bringing all potential revenue streams related to NIL opportunities in house,
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Cardinal Ventures will also look into monetizing intellectual property in
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sponsorships and other relationships in this very different market that
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we are now in, Bradley said, U of L Athletic
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Director Josh Hurd was on the call but did not
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provide a comment before the executive session. This is about
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positioning Louisville to compete and when in the modern era
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of college athletics, heard said in an April twenty third release,
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Cardinal Ventures gives us the operational flexibility to grow revenue,
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maximize brand value, and create meaningful opportunities for student athletes.
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What's included in the motion? The motion was an approval
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of Cardinal Ventures Incorporated, which included approving articles of incorporation
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by laws, authorizing an application for five oh one C
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three status, and ratifying the initial board of directors. Under
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the proposal, Bradley would serve as chair of Cardinal Ventures,
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with U of L Athletic Director Josh Hurd and Larry Binns,
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the U of L Board of Trustees Chair, taking two
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other seats. Bradley stated that he and Hurd would make
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two appointments each, bringing the total number on the board
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to seven. The motion also included an approval of a
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second affiliated corporation if needed. Bradley did mention to the
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board that ULAA would still exist as an entity itself,
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as if would still serve as the home for coaches,
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contracts and the athletic department's budget. For instance, what would
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fall under Cardinal Ventures would be u of l's contract
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with lear Field Sports, which currently runs through June thirtieth
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of twenty twenty seven. In the slides provided to the board,
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one of the slides, with the headline of Strategic Contexts
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stated that NIL rules require institutional infrastructure to contract directly
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with student athletes, a legal vacuum exists at u of
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L today. Furthermore, the slide also read in part that
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competitors are already monetizing IP sponsorships and media rights through
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dedicated entities delay seeds ground to peer institutions. One of
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u Ofl's most prominent peer institutions, the University of Kentucky,
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formed champions Blue LLC in April of twenty twenty five
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as a nonprofit organization and holding company with all autonomy
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from UK's Board of Trustees. At the time, UK was
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one of the first universities to create such an entity,
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as universities scrambled to come up with the creative solutions
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in the wake of the House VNCIA antitrust settlement, which
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allowed schools to share a maximum of twenty point five
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million dollars in revenue sharing with selected student athletes. On
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March second, U OFL submitted an op ed piece co
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written by Bradley Heard and Bens titled from the Arena
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Not the Sidelines, College Athletics is running out of Time.
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The thirty five hundred plus word document states that U
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of L Athletics generates one point two eight billion dollars
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in annual economic impact for the city and the Commonwealth,
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while seeing its reserves down from thirty four million dollars
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to three point four million dollars when the piece was written.
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The next article from the lame report is titled Airline
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Industry leaders call for air Track Control Overhaul, written by
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Mark Menisha, American Airlines Group Incorporated CEO Robert Isam and
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US Transportation Secretary Sean Duffy focused on travel safety as
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they sat face to face in Fort Worth, Texas last
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week during a fireside chat at the annual Safety Management
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Systems Forum at Americans Headquarters campus. The pair outlined a
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push to modernize the nation's aging air traffic control system.
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Leonardo Rosss of the Dallas Business Journal reports that the
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conversation between Islam and Duffy covered efforts to ease a
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shortage of air traffic controllers, the need to modernize the
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country's aging air traffic control infrastructure, and general aviation safety.
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They also touched on how regulators are preparing for drones
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and other emerging technologies. Like any expansion or overhaul, there's
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a price to be paid. To that end, Duffy outlined
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plans to modernize systems that would potentially be supported by
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new funding mechanisms. He referenced the September eleventh Security Fee,
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a federal fee on all airline tickets. The fee currently
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is five dollars and sixty cents per one way trip
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and helps to fund the Transportation Security Administration. Duffy floated
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the idea of creating another fee dedicated to continuous upgrades.
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He said the fee could be backed by capital markets
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and emphasized a more demanding but cooperative stance toward contractors
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and industry partners, treating modernization as a national project. I
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would welcome an opportunity to think through how we could
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have a small fee that allowed us to continually upgrade
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our systems, Duffy said. The next article from louisvill Business
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First is titled global firm considers local site, written by
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Olivia Streit. A global food service, equipment and solutions company
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is eyeing Southern Indiana for its next location. Headquartered in Chicago,
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Well Built Incorporated is considering opening a facility in Jeffersonville, Indiana.
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According to a May fourth release from One Southern Indiana.
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The project could include the construction of a ninety two
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thousand square foot facility at Keystone Industrial Park. The release
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said the company would create up to forty four new jobs.
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The availability of local incentives will play an important role
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in our final decision, Tom Hortard, chief engineering officer for
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wellbe It, said in the release. Jeffersonville previously approved a
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performance based incentive related to developments at the industrial park.
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The release said the incentive allows companies that meet specific
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capital investment and job creation goals to phase in payments
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of newly generated property taxes. Keystone Industrial Park offers twelve
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lots on its seventy acres, according to the City of
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Jeffersonville website. The park is one quarter a mile from
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I to sixty five. Well Built has not released details
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about the project's timeline. The company is part of the
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Alley Group and provides chefs, chain operators, and independence with equipment.
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Some of its product brands include Atomatic, Aladdin, Tempwrite, Amana, Commercial, Bellshaw, BGI, Carpagany, Champion, Isomatic, Coalpak, Rancilio,
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and Express Chef. According to the release, well Built operates
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manufacturing facilities throughout North and South America. The organization sells
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through a network of distributors, dealers, buying groups, and manufacturers representatives.
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Another major development coming to Southern Indiana, Communications Test Design
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CTDI is planning to construct its third building at River
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Ridge Commerce Center. Louisville Business First previously reported. The forty
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four million dollar development will include a four hundred thousand
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square foot facility and is expected to create four hundred
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new jobs during its initial phase. It will be located
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on Penny Martin Lane, directly across from the company's Charlestown facility.
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The development is projected to begin construction in the middle
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of this year, with an anticipated completion date of mid
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to late twenty twenty seven. The next article from Louisville
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Business First is titled Brown Foreman merger talks collapse written
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by David Mann, one deal to acquire Louisville based Brown
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Foreman Corporation is dead. The Jack Daniels parent announced in
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a news release April twenty eighth that it and France
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base Pernaud Ricard have terminated discussions regarding a potential business
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combination as the companies were unable to reach mutually agreeable terms.
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Brown Foreman and pernaud Ricard previously confirmed merger talks March
26:05
twenty sixth, but said no deal had been reached and
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that this conclusion was possible. We intend to create long
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term value for all stakeholders by focusing on our strategic
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and operational priorities, Brown Foreman said in the release. This
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includes unlocking future growth by expanding our geographic footprint, continuing
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to build brands that resonate with consumers, and enhancing operational efficiency.
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Brown Foreman is one of Louisville's largest public companies, with
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about five thousand employees worldwide in annual revenues of three
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point nine eight billion dollars in fiscal year twenty twenty four.
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In addition to Jack Daniels, the company owns Woodford Reserve,
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Old Forrester, Hera Dura, New Mix, Elgimidor, the Glenrondnick, the
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GLENNISO ben Rick, Diplomat, O rum Gen, Mayor forge Gen,
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and other brands. Pernaud Recard is based in France and
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has a portfolio of more than two hundred brands, including
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Absolute Vodka, Jamison, Irish Whisky, and Beef Feeder Gen. It
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doesn't have much in the way of American whisky, though
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it does own Louisville based Rabbit Hole Distillery. All the
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merger talks have been taking place amid a challenging environment
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for American whiskey in the alcoholic beverage industry at large.
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Ricard has not been the only suitor being discussed for
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a possible merger or acquisition deal with Brown Foreman. Earlier
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this month, the Wall Street Journal reported that Louisville based
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Sasac offered fifteen billion dollars or about thirty two dollars
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per share. The Wall Street Journal report cited people familiar
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with the matter rather than companies themselves. The Brown family
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was said to favor a potential deal with Pernod Ricard
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over the one with Sasaraq. This concludes the reading of
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the most recent business news in Lexington, Louisville, and around
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the state. Your reader today has been Julia Shane. If
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you have any questions or comments about this program, please
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give our Lexington studios a call at eight five nine
28:16
four two two six three nine zero. Thanks for listening,
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and now please stay tuned for readings from the Kentucky
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series here on RADIOI