FRANKFORT, Ky. — Wieland North America Inc., a producer of copper and copper alloy products, plans a new North American headquarters in Louisville, a project expected to bring 75 jobs with an $8.8 million investment.
The new headquarters on Olympia Park Plaza – near the intersection of Interstate Highway 71 and the Gene Snyder Freeway – also will house Wieland Rolled Products North America LLC, formerly Olin Brass, which was acquired in July 2019. Both are subsidiaries of Ulm, Germany-based Wieland-Werke AG.
The new office will lease one floor of Olympia Park Plaza, providing nearly 30,000 square feet for its headquarters and shared-services operations and personnel, which include Wieland North America’s leadership, financial, legal, human resources, sales and marketing, and supply chain teams. Company leaders expect the office to be fully open by the end of Q1 2021, subject to pandemic-related requirements.
Wieland North America manufactures copper and copper-alloy products, including sheet, strip, foil, tube, and other fabricated components for customers throughout North America. The company also rerolls and forms other metals, such as stainless and carbon steel. Its products are used in a variety of industries, including building and construction, munitions, automotive, coinage, and electronics/electrical components.
Currently, 234 metals-related facilities operate in Kentucky, employing approximately 25,000 people. Since 2019, Kentucky saw 36 new-location and expansion projects announced in the metals industry, creating over $1.86 billion in new investment and 1,500-plus projected new jobs.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) last week preliminarily approved a 10-year incentive agreement with Wieland North America under the Kentucky Business Investment program. The performance-based agreement can provide up to $3 million in tax incentives based on the company’s investment of $8.8 million, including rent and improvements, and annual targets of:
The creation and maintenance of 75 Kentucky-resident, full-time jobs across 10 years, with those positions paying an average hourly wage of $93, including variable compensation and benefits. Eligible positions will range from $26 per hour to well over the average hourly rate in some cases.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, Wieland 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.
For more information on Wieland North America, visit Wieland.com.