Automotive supplier to invest more than $22.8 million at its world headquarters
HENDERSON, Ky. (May 29, 2013) – Gibbs Die Casting is expanding operations at its world headquarters in Henderson, adding 160 jobs and investing more than $22.8 million.
“Gibbs Die Casting is a global company with facilities on four continents, which makes us even more proud it is based here in the Commonwealth,” said Gov. Steve Beshear. “Gibbs is a true asset to the Commonwealth, as it has provided quality jobs throughout this region, while making several substantial investments in the local economy, the facilities and the employees throughout the years.”
Headquartered in Henderson, Gibbs Die Casting was established in 1965 and is owned by Koch Enterprises. Gibbs has grown into one of the world’s largest die casting companies, operating eight factories for aluminum and magnesium casting, machining, assembly and die building with facilities in Hungary, Brazil and China. The Henderson facility currently employs more than 560 people. In addition to current die casting production, the expansion project includes new manufacturing lines for eight-speed transmission parts and rear axles for the automotive industry. Kentucky’s automotive industry employs nearly 80,000 people at more than 450 motor vehicle-related facilities.
“Gibbs Die Casting is very thankful for the state and local government’s commitment to support our local growth initiative,” said Steven Church, president and CEO of Gibbs Die Casting Corporation. “We have a wonderful partnership with the city and county of Henderson, and we are excited about the opportunity to grow and increase jobs that will have a positive long term effect on the entire region.”
The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $3 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
For more information on Gibbs Die Casting, visit www.gibbsdc.com.