BOONE COUNTY, Ky. — Setco Sales Co., a manufacturer of spindles and other precision parts and specialty products for the automotive and aerospace industries, will relocate its headquarters to Boone County and create 30 quality jobs in the coming years.
Currently based in Cincinnati, Setco’s move to Boone County will allow the company to maintain its existing employee base of approximately 60, which includes six Kentucky residents while expanding to boost production capacity.
The new facility will expand Setco’s capacity to manufacture, repair and service high-performance precision spindles – a key part of CNC machining and many suspension-and-wheel-rotation systems, among an array of other applications. Setco’s product line also includes slides and milling heads.
Jobs created at the new facility will include machining, assembly, engineering, sales, and administrative roles. Work on the project is scheduled to begin in September and be completed in spring 2022.
Founded in 1912, Setco manufactures spindles, including belt-driven, geared, motorized, high-speed and high-frequency models. Its precision linear slides include dovetail, hardened way, and linear rail slides in more than 20 sizes and hundreds of models.
Setco primarily serves the automotive and aerospace sectors, as well as construction, die/mold, medical, plastics, woodworking, stone cutting, and general metalworking industries. The company operates nine facilities globally, with operations in Michigan and Georgia, and locations in Mexico, India, Taiwan, and China.
Setco adds to approximately 4,500 manufacturing-related facilities in Kentucky, which employ about 260,000 Kentuckians statewide. The commonwealth is a national leader in manufacturing, with about 13% of its workforce holding a job in the sector compared to the U.S. average of 8.5%.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) last Thursday preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $700,000 in tax incentives based on the company’s investment of $6.25 million and annual job creation and wage targets.
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, Setco 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 Setco, visit Setco.com.
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