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Plastics manufacturing facility to open in Morgantown
Butler County will see 29 full-time jobs created by automotive supplier Stratus Plastic's $4 million investment, and Stratus will receive up to $480,000 in tax incentives.
By Woody Maglinger/Jack Mazurak
Frankfort, KY - Stratus Plastics International Inc., an automotive and consumer goods supplier, will invest $4 million to locate a factory in Morgantown, creating 29 full-time jobs in Western Kentucky.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority in June preliminarily approved the company for up to $480,000 in tax incentives through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
In addition, Stratus 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. In fiscal year 2016, the Kentucky Skills Network provided training for nearly 95,000 Kentuckians and 5,000 companies from a variety of industry sectors.
Stratus, a privately held Canadian company, will purchase a 165,000-square-foot facility in Butler County to house its first Kentucky operation. The facility will focus on supplying the automotive and appliance industries in the US Southeast and Midwest. Company leaders plan to expand thereafter. The Morgantown facility will operate under the name Stratus Plastics KY LLC.
"Stratus Plastics is excited to be in Morgantown, Kentucky," said Stratus Plastics KY General Manager David Kondracki. "The city has been helpful in the form of business needs and resourceful in many ways. With the planned expansion for growth in the area, it will be a positive environment for employment and success."
Stratus is based in Windsor, Ontario. Its Windsor operation employs more than 30 people and offers a wide range injection-molding abilities at its headquarters as well as state-of-the-art machining, 3D printing, robotics and auxiliary processing equipment.
This story was posted on 2017-08-18 07:48:39
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