MAYSVILLE, Ky. — STOBER Drives Inc., a producer of gearbox and servo motors, announced it will expand operations in Maysville with a $5 million investment that will create 35 full-time jobs.
The $5 million investment will allow the company doubles the acreage of its current facility in Maysville to 14 acres. The expansion will include the addition of equipment to help increase manufacturing operations, as well as the conversion of a portion of the current office space to become an employee training facility. The project will create 35 quality jobs and will bring the company’s total Kentucky employment to 159 employees.
“At STOBER, we are extremely fortunate to have chosen Maysville, Kentucky, as our North American manufacturing location more than 30 years ago,” said Peter Feil, STOBER’s general manager. “We have benefitted from an awesome workforce here in Maysville, as well as great support from local and state government. Our proximity to Maysville Community and Technical College, as well as Morehead State University and Northern Kentucky University, has allowed us to provide great educational opportunities to our employees. These institutions have been instrumental in supporting our thriving apprenticeship program, for instance. We are very proud to call Maysville and Kentucky home, and we look forward to a bright future as we continue to expand here in Maysville.”
STOBER Drives is a world leader in the manufacture of gearboxes and servo motors. Founded in 1934, STOBER has focused on building the best mechatronic solutions for any application for over 85 years. In 1991, the company established a presence in Kentucky when it opened a subsidiary in Maysville. In 1993, STOBER succeeded as the first supplier in the world to directly marry high-precision planetary gear units with dynamic servo motors. Today, the company produces NEMA gear units, inline servo gear units, right angle gear units and rack and pinion drives to serve industries such as aerospace, automotive manufacturing, packaging, robotics and food processing.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in June preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $525,000 in tax incentives based on the company’s investment of $5 million and annual targets of:
- Creation and maintenance of 35 Kentucky-resident, full-time jobs across 15 years; and
- Paying an average hourly wage of $20.25 including benefits across those jobs.
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, STOBER Drives can receive resources from Kentucky’s workforce service providers. These include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
For more information on STOBER Drives Inc., visit STOBER.com.
Click here for more Kentucky business news.