Automotive products manufacturer to invest $7.7 million
FRANKFORT, Ky. (Feb. 3, 2012) – Warren County-based Holley Performance Products plans to create 136 jobs, add an additional product line, build a new warehouse and refurbish existing facilities – all at an investment of more than $7.7 million, Gov. Steve Beshear announced today.
“We know Kentucky’s auto industry is innovative and dynamic, and Holley Performance Products is a perfect example of the hard-working attitude that makes Kentucky competitive and prosperous in the industry,” Beshear said. “I’m proud to have Holley Performance Products in the commonwealth and thrilled for their success moving forward.”
Established in 1903, Holley Performance Products is now a leading manufacturer of fuel systems for high performance vehicles, including NASCAR. The company’s corporate headquarters came from Michigan to Bowling Green in 1992 but has had a presence with a facility in the city since 1953. Holley currently employs more than 250 workers.
“This announcement represents the increasing growth of our company, as well as the positive business opportunities available here in Bowling Green,” said Tom Tomlinson, Holley’s president and CEO. “We are eager to begin expanding and upgrading our facilities here, and we are anticipating great excitement about our new Demon Carburation line because this line enhances our extensive brand of Holley products. We thank Gov. Beshear and our local and state leaders for assisting with our expansion plans, and we look forward to increasing our business in South Central Kentucky.”
To encourage the investment and job growth in Bowling Green, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $3 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
KEDFA also approved Holley Performance Products for tax benefits up to $120,000 through the Kentucky Enterprise Initiative Act. This incentive program allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
“I am pleased to hear Holley Performance recognizes the solid work ethic and excellent quality of life in Bowling Green,” said Sen. Mike Wilson, of Bowling Green. “These new jobs will provide a boost to our economy and offer new opportunities for our workforce.”
“Bowling Green has long been known as a place for an outstanding workforce and a place built for speed thanks to being the home of the Corvette,” said Rep. Jim DeCesare, of Bowling Green. “Today’s announcement is a further indication of the confidence Holley has in our community and our people, and is reflective of Kentucky’s growing role in the automotive and automotive component manufacturing industry.”
“This is an exciting announcement for Bowling Green, Warren County and south central Kentucky,” Bowling Green Mayor Bruce Wilkerson said. “By making additions and renovations to the current facility and adding new jobs to its workforce, Holley Performance Products is making the statement that it is confident in our positive business climate. It’s a joy to know that this long-standing company has chosen to invest further dollars into our region.”
“Having been a part of Bowling Green for nearly 60 years, Holley is an outstanding corporate citizen within south central Kentucky,” Warren County Judge-Executive Michael Buchanon said. “We’re proud to have this industry leader in our region, and we greatly appreciate their decision to expand the local facilities. With a capital investment and planned new jobs like those announced by Holley, the project will contribute significantly to our economy.”
For more information on Holley Products, visit www.holley.com.