FRANKFORT, Ky. — Precision Sonar & Outdoors LLC, a producer of GPS and sonar mounting systems, announced an expansion of operations in Benton with a nearly $2.2 million investment creating 12 full-time jobs for the local community.
The project will see the company build a new facility near its existing location in Marshall County. The investment comes in response to growing customer demand and will allow the company to be more efficient with additional space and a floor plan to assist with logistics and distribution of products. Additionally, the added space will provide room to house new equipment. This equipment will allow the company to provide services in-house that would have previously been outsourced, such as CNCs injection molding, water jet projects and 3D printer and laser etching. The new jobs created will include CNC, design and engineering positions.
“We are extremely excited to expand our operations and grow our business here in Marshall County,” said Allen Beard, president of Precision Sonar & Outdoors. “We are proud to be a part of this community and look forward to growing and continuing to provide quality products and exceptional customer service.”
Precision Sonar & Outdoors is an industry-leading manufacturer of GPS and sonar mounting systems designed and produced in a controlled environment from solid aluminum by experienced craftsmen in the tool and die industry. In addition to the products the company manufactures, Precision Sonar also carries a wide selection of sonar accessories. The company prides itself on producing highly durable products that enhance the appearance of its customers’ boats while being fun and easy to use.
Precision Sonar & Outdoors’ investment adds to Kentucky’s impressive manufacturing presence, which includes 5,000 facilities that employ around 250,000 residents. According to the National Association of Manufacturers, over 13% of the commonwealth’s workforce is in manufacturing, well above the national average of 8.5%.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $200,000 in tax incentives based on the company’s investment of nearly $2.2 million and annual targets of:
- Creation and maintenance of 12 Kentucky-resident, full-time jobs across 15 years; and
- Paying an average hourly wage of $23 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, Precision Sonar & Outdoors can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
Click here for more Kentucky business news.
