FRANKFORT, Ky. (WTVQ)- Gov. Matt Bevin has announced Fibonacci LLC will locate a HempWood manufacturing operation in Calloway County, with a more than $5.8 million investment expected to create 25 full-time jobs.
Fibonacci will lease an 11,230-square-foot facility in Murray for its first manufacturing location with plans to establish a world-class, automated HempWood operation.
The company located in Murray after its leaders established a relationship with Murray State University, and 800 tons of hemp stalks have already been contracted through growers in west Kentucky. The operation is expected to begin production this summer.
HempWood, with its patented process and product made from hemp fibers and soy-based adhesives, has been in development for the past decade and is viewed to have a number of advantages over traditional oak hardwood.
In addition to a higher availability of hemp hemp stalks grow in six months, compared to oak trees, which take decades Wilson said processed hemp can reach 20 percent higher density than oak, which provides sustainability and hardness.
HempWood can be used in products ranging from flooring and furniture to woodworking projects and culinary serving boards.
Kentucky Commissioner of Agriculture Ryan Quarles said this is another step toward the diversification of the states burgeoning hemp industry.
Fibonacci can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.
A detailed community profile for Calloway County can be viewed here.