HENDERSON, Ky. (From news reports) -- Pratt Industries announced it would invest $400 million in a new 100% recycled paper mill in Henderson, Kentucky.

This represents the largest single investment by the company in its history and will create more than 320 full time jobs plus an additional 700 in the construction phase.

"It will be the world's most advanced, environmentally-friendly 100% recycled paper mill," said company owner and executive chairman Anthony Pratt. "And it means Pratt Industries will have built 6 of the last 8 paper mills in the United States."

Construction on the 450,000 sq ft mill would begin next March with a startup date scheduled for Fall 2023.

In a separate project, the company also announced it would build a 700,000 sq ft corrugated box factory adjacent to the mill. Construction on that phase is slated to begin no later than 18 months after the mill is completed, and become operational in 2026.

"Our focus is all about the rebirth of the great American manufacturing capability, especially in regional America," said Pratt.

"And this investment represents another example of our commitment to building America's green infrastructure, including clean energy. This creates high-paying, highly-skilled green-collar jobs in communities like Henderson and Hebron where we already employ almost 200 Kentuckians at our corrugated display factory."

"We see further investment potential in this dynamic state and Governor Beshear's leadership has made Kentucky a great place to invest."

"It's because of Gov. Beshear's leadership that we're doubling down on our commitment to manufacturing in Kentucky. Through this $400m investment, the Governor is not only delivering for Kentuckians, but all Americans--Kentucky is Building Back Better."

Gov Beshear said: "This is a significant investment in Kentucky and one that will make Pratt a major employer in Henderson County for years to come. Pratt is a company with a vision for the future, and I could not be more proud that future will include Kentucky. We're not just rebuilding our economy in the commonwealth, but surging ahead to levels we have not seen before. This is happening because great companies like Pratt and strong leaders like Anthony Pratt can see where Kentucky is headed and know our skilled workforce is the partner they need to succeed."

This latest initiative brings the company's total cumulative investment value in the US to around $10 billion since Pratt founded it some 30 years ago.