COLUMBIA, Ky. — Phillips Tank & Structure (PTS), a nationwide tank construction contractor, announced plans to build a $2.76 million fabrication shop to create 20 new full-time jobs in the Columbia area.
PTS is acquiring 6 acres owned by the Adair County Economic Development on Development Drive in Columbia, a property previously approved for $460,000 in state support in the first round of the Kentucky Product Development Initiative. The project will include a 15,000-square-foot fabrication shop, a 5,000-square-foot tool house/garage and 5,000 square feet of office space. The project will also include acquiring various construction and fabrication shop equipment. PTS and wholly owned subsidiary Steel Valley Fabricators (SVF) will share the space and work together to serve their regional markets. Construction is expected to begin in March 2024 and be completed by December 2024.
“We have been searching for suitable locations to expand our branch offices,” said PTS Vice President Jeff Sassic. “The available state and county incentives made Adair County, Kentucky, a very attractive option difficult to pass up. The Adair County Economic Development representatives were wonderful and made the process easy. We are excited to join the Adair County community. We look forward to contributing to the growth and development of the local economy.”
Conway-Phillips Holding LLC, doing business as Phillips Tank & Structure (PTS), is a nationwide contractor engaged in engineering, designing, repairing and constructing above-ground storage tanks in the petroleum, chemical, agricultural, U.S. defense and other industries. PTS has been in business since November 2012 and has grown into a nationally recognized tank contractor with over 16 field crews and 150 employees. PTS is headquartered in Braddock, Pennsylvania, with branch offices in Texas, California and Hawaii.
Steel Valley Fabricators LLC (SVF) is a regional full-service welding and metal fabricating shop that provides custom parts and weldments for customers in various industries. SVF is a wholly-owned subsidiary of PTS and was established in November 2019. SVF is also headquartered in Braddock, Pennsylvania, with a branch office in California. SVF employs 38 workers between the two locations.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) today preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $550,000 in tax incentives based on the company’s investment of $2.76 million and annual targets of:
- Creation and maintenance of 20 Kentucky-resident, full-time jobs across 15 years; and
- Paying an average hourly wage of $23.32, 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, PTS 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.