HENDERSON, Ky. (From news reports) -- Pratt Paper, a part of sustainable packaging company Pratt Industries, is planning to invest $400 million in a paper mill in Henderson, Gov. Andy Beshear announced Thursday -- resulting in 320 high-paying full-time jobs.

Company officials also expect the project in Henderson, Kentucky, to create roughly 700 construction jobs over the coming years, according to Beshear.

"This is the single-largest investment in our state since I took office more than a year-and-a-half ago, and it is the third largest jobs announcement we've seen so far this year," Beshear said during a press briefing before leaving for a 2 p.m. event at the plant's future location.

Pratt Industries is based in Georgia and was founded 30 years ago. It has manufacturing facilities in more than 25 states.

The company, according to its website, is America's fifth-largest corrugated packaging company and the world's largest, privately-held 100% recycled paper and packaging company.

It has more than 10,000 employees at its facilities.