Steel wheel manufacturer to invest $5.8 million
FRANKFORT, Ky. (June 21, 2013) — Accuride Corp., a supplier of components to the North American commercial vehicle industry, is investing $5.8 million to expand its powder coating capacity at its steel wheel production facility in Henderson. The company will install a new state-of-the-art coating line; the technology upgrade will stabilize the current employment level at the plant, and Accuride expects to add 30 jobs as the company and the North American trucking industry gain momentum over the next few years.
“Accuride Corp. has been a part of the commonwealth for nearly four decades, and that commitment and tradition is even stronger now, thanks to this expansion,” said Gov. Steve Beshear. “The company’s dedication to Henderson is evident in the plans for 30 new jobs over the next few years, as well as a $5.8 million investment in advanced equipment to upgrade its coating technology at the plant.”
A leading manufacturer of steel wheels for commercial vehicles, Accuride’s Henderson facility was established in 1974 as part of what was then Firestone Steel Products, the forerunner of Accuride Corp. The plant employs about 160 associates and operates its 364,000-s.f. manufacturing center on 118 acres in Henderson. Accuride plans to upgrade its operations with the installation of a new, advanced-technology coating line, which will expand its already significant powder coating capacity.
Accuride’s customer base includes heavy-duty commercial truck and trailer original equipment manufacturers, commercial vehicle fleets and distributors in the commercial vehicle aftermarket. The Henderson facility also is home to Accuride’s wheel research and development center, as well as the company’s wheel product development and testing facilities.
“Our commitment to install an advanced-technology coating line at our Henderson plant will strengthen our ability to supply industry-leading steel wheel products to the North American commercial vehicle market,” said Rick Dauch, Accuride president and CEO. “Henderson’s range of steel wheels provides customers with several options to reduce vehicle weight, boost fuel economy, fight corrosion and achieve long-life performance. Thanks to its new paint line, Henderson will stand alone in the industry in its ability to formulate customized coating solutions and deliver them via its advanced new coatings process.”
The the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $600,000 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.