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Precision Strip increases investment, jobs in BG
Warren County project grows to 31 jobs and an estimated $31.7 million investment.
Previously on CM: Bowling Green to receive 15 additional manufacturing jobs
By Nicole Burton/Jack Mazurak
Frankfort, KY - Gov. Matt Bevin today announced Precision Strip Inc., a metals processing company, will double its originally planned investment in Warren County to approximately $31.7 million and the creation of 31 full-time jobs.
Precision Strip's facility in Scotty's Industrial Park in Bowling Green will double with an 80,000-square-foot addition for a second slitting line. The facility opened in 2017 and currently employs 14 people. As originally announced in February 2016, the project included a $15.5 million investment and 15 new jobs.
"Already an exciting project when it was originally announced, this increase in investment and job creation only adds to the positive impact Precision Strip will have on the local economy," Gov. Bevin said. "The company has processed quality products in Kentucky for nearly 25 years, and we are proud to welcome their expanded presence moving forward. Thanks to Precision Strip's commitment to the commonwealth, many families in the Bowling Green region will benefit from new job opportunities."
Precision Strip's leaders look to build on the success of their other Kentucky operation, which currently employs 121 people at its 308,000-square-foot facility in nearby Woodburn.
"After having been operational for only a year at our Bowling Green facility, it became clear that the south central Kentucky region was continuing to see healthy growth and investment in the markets we serve," said Joe Wolf, president of Precision Strip. "As a result, we feel the addition of a state-of-the-art slitting line will help us continue to best serve our customers who need metals toll processing. We greatly appreciate the ongoing support we receive from the Chamber and the commonwealth of Kentucky on these projects that fuel economic growth."
Precision Strip processes, stores and delivers steel and aluminum for several markets, including the automotive, appliance, industrial products and beverage-can industries. The company was established in Minster, Ohio in 1977. It currently employs 1,250 people across 13 locations in six states. Precision Strip offers a variety of services related to the toll processing of carbon, stainless steel and aluminum including: slitting, oscillate slitting, multi-blank cut-to-length processing, Class 1 automotive blanking and coil fed laser blanking. The company has operated in Kentucky since its Woodburn operation was established in 1994.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in January 2016 preliminarily approved the company for tax incentives up to $300,000 through the Kentucky Business Investment program, (KBI). 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. Based on the larger project scope, the company may request a modification of its KBI agreement in the future.
Additionally, KEDFA approved Precision Strip for up to $100,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
Also, Precision Strip 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 2017, the Kentucky Skills Network provided training for more than 120,000 Kentuckians and 5,700 companies from a variety of industry sectors.
This story was posted on 2018-09-14 05:47:14
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