Projects would create 127 new jobs
LOUISVILLE, Ky. (April 25, 2013) — Four companies were preliminarily approved for economic development incentives at this morning’s meeting of the Kentucky Economic Development Finance Authority (KEDFA) in Frankfort. The projects would create 127 new jobs, $7.2 million in new annual payroll and more than $112 million in new investment.
“This month’s applicants demonstrate the depth and breadth of businesses that have found Louisville to be an attractive place to explore or expand,” said Mayor Greg Fischer. “From manufacturing to logistics, Louisville consistently responds to successful companies’ needs for jobs and investment and the reward is a healthy local and regional economy.”
American Metal Supply
American Metal Supply Co. is a Louisville-based steel and metals distributor and manufacturer that is reviewing the opportunity to expand its current facility onto available adjacent property. The initial expansion would be 15,000 s.f. of craned space to expand its stocking and manufacturing capabilities, enabling the company to develop business in Tennessee and Indiana. The expansion would create the opportunity to open up satellite facilities in these neighboring states.
Within the first two years of operation, American Metal Supply estimates a total investment of $1.2 million in building materials and capital equipment. The expansion would add 10 new jobs with new annual payroll of $332,800 by mid-2015.
American Metal Supply Company was approved for up to $90,000 in KBI* incentives for up to 10 years and $30,000 in a KEIA sales tax rebate.
Lubrizol Advanced Materials
Lubrizol Advanced Materials, Inc. is one of two business segments of The Lubrizol Corp., a global specialty chemical company. Lubrizol’s Louisville plant produces TempRite chlorinated polyvinyl chloride products used in pipe and fittings applications. With continued strong global demand for the company’s CPVC compounds, Lubrizol is looking to expand its manufacturing capabilities through a multi-phase plan. These expansion efforts will ensure that the company is well-positioned with the necessary manufacturing facilities to readily supply global demand and position its CPVC business for future growth. Lubrizol is in the final stages of site selection for a new resin and compounding facility.
If Louisville is selected as the site for the new facility, it is expected that within the first two years of operation, Lubrizol would invest approximately $108 million in building materials and capital equipment. In addition, it would expect to add approximately 24 new jobs with an annual payroll of more than $1.15 million.
Lubrizol’s advanced polymer technology delivers exceptional performance for the plumbing, fire sprinkler, industrial and other building and construction related applications. The combination of Lubrizol’s industry leading position in key global markets and its planned capacity expansion allows the company to better support its customers’ growth with its FlowGuard, BlazeMaster, Corzan and TempRite brands.
Lubrizol Advanced Materials was approved for $480,000 in KBI* incentives for up to 10 years and $740,000 in a KEIA sales tax rebate.
TEi Struthers Wells
TEi Struthers Wells is a business division of Thermal Engineering International (USA) Inc., headquartered in Houston, Texas. Struthers focuses on engineering, design, technology development, manufacturing and sales of heat transfer equipment to utility, petrochemical, solar, oil and gas, engineering, procurement and construction companies and industrial plants worldwide. Struthers Wells is expanding its operations to grow its business to $200 million in annual revenues in the next five years. The company is considering relocation of part of its operation to Louisville, as well as increasing its technical and engineering staff.
If the company moves operations to Louisville, Struthers Wells has estimated a total investment of $2.1 million in building materials and capital equipment and create 43 jobs that would create an annual payroll of nearly $3.7 million.
TEi Struthers Wells was approved for up to $700,000 million in KBI* incentives, which can be earned over a 10-year period.
Total Quality Logistics
Total Quality Logistics LLC is the second largest freight brokerage firm in the U.S. The company is exploring options for an expansion of its Louisville operation in order to keep up with increasing demand.
Within the first two years of operation, Total Quality Logistics has estimated a total investment of $801,600 in building materials and capital equipment. In addition, Total Quality Logistics would add 50 new jobs with a total annual payroll of $1.97 million.
Total Quality Logistics, LLC was approved for up to $450,000 in KBI* incentives for up to 10 years.
Rev-A-Shelf approved for tax rebate
Rev-A-Shelf Co. LLC was approved for a KEIA sales tax rebate of $240,000 at Thursday’s KEDFA meeting. Rev-A-Shelf is expanding its facility to consolidate its home storage and organization operations and to support its growing business.
The partnership between Greater Louisville Inc. – The Metro Chamber of Commerce, Louisville Metro Government and state government brings new economic opportunities to the community. Through March 2013, the innovative public-private partnership has helped 19 companies locate new operations or expand existing ones in the area. These projects have created 1,295 new jobs at an average salary of $40,686 and more than $64 million in new capital investment.
*Kentucky Business Incentives consolidates KIDA, KREDA, KJDA & KEOZ into a single, more flexible tax incentive program for new and expanding businesses. This change was made in legislation passed during the 2009 Special Session of the Kentucky General Assembly. More information can be obtained at www.thinkkentucky.com.
Add Comment