BOWLING GREEN, Ky. — German-owned steel processor BILSTEIN GROUP leaders broke ground on a $17.8 million investment at its BILSTEIN COLD ROLLED STEEL LP campus in Bowling Green, a project that positions the location for future investment and job growth.
BILSTEIN’s investment will allow for the construction of a new 8,500-square-foot facility in the Kentucky Transpark in addition to its existing 105,000-square-foot operation, to better serve the North American market. The project will feature the installation of new equipment, including batch annealing furnaces, and upgrades to existing equipment to increase production capacity of high-performance, cold-rolled steel strips.
The project also will help encourage job growth, boosting BILSTEIN’s expected employment to 120 full-time jobs, exceeding the projected jobs number of 110 originally announced by the company in 2015. Opened in 2017, the existing facility currently employs 86 people – including 82 Kentuckians – in Bowling Green. Company leaders expect the expansion to be fully operational by the second half of 2022.
BILSTEIN, founded in 1911 in Hagen, Germany, produces highly specialized steel products for the automotive sector and other industries. The company has produced cold-rolled steel for the North American market for more than 25 years and processes 62,000 different products supplied to 170 countries. BILSTEIN operates 21 international subsidiaries, employing more than 2,100 people worldwide.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in April approved BILSTEIN for up to $200,000 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.
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, BILSTEIN 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 BILSTEIN COLD ROLLED STEEL LP, visit BILSTEINCRS.com.
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