Truck-suspension supplier Hendrickson USA is investing nearly $8 million to expand its operations in Somerset and will add 160 full-time jobs to support the expansion.
Hendrickson, which located in Somerset in 2007, is a leading manufacturer and supplier of heavy-duty suspensions, axle systems and springs to the commercial transportation industry. The company is now acquiring a second facility directly across the street from its existing Somerset plant. The new facility will handle the manufacture of semi-trailer axles, suspensions and related components.
The Kentucky Economic Development Finance Authority preliminarily approved Hendrickson USA for tax incentives up to $3.2 million through the Kentucky Business Investment program. The performance-based incentives will allow the company to keep a portion of its investment over a 15-year period through corporate income tax credits and wage assessments by meeting job and investment targets.