Will create 30 new jobs, invest nearly $15 million
BOWLING GREEN, Ky. (Nov. 19, 2013) – Horizon Steel, a producer of flat rolled steel products, plans to open a new facility in Bowling Green. The plant will become the exclusive processor of all steel products for Bilstein Group, a German company, which also plans to locate in Warren County.
Horizon will create 30 new jobs and a nearly $15 million investment in south central Kentucky as a result of the project.
“Horizon Steel and Bilstein Group’s collaboration in south central Kentucky is further proof that the Commonwealth is a great place to do business on an international scale,” Gov. Steve Beshear said. “This partnership, which will result in the creation of 30 additional jobs, will make Kentucky a key player in the steel-processing industry, and I’m looking forward to the results.”
Lt. Gov. Jerry Abramson joined state and local leaders and company officials in Bowling Green for today’s announcement.
“With a perfect location and strong workforce, Horizon Steel is going to thrive here in Bowling Green,” Abramson said. “We’re glad the commonwealth could play a role in making this sizable investment possible and we’re proud to support the partnership between Horizon and Bilstein, and we wish them success.”
U.S.-based Horizon Steel carries a full line of carbon based products including hot rolled, cold rolled, hot dipped, electro galvanized, galvannealed and aluminized in all grades. The company is also considered an expert in the advanced high strength steel market. Horizon will operate out of the Bilstein plant in the Kentucky Transpark in Bowling Green. Horizon will occupy 98,000 square feet of the facility, which will begin construction in the spring of 2015.
In early October, Beshear made the announcement that Bilstein will create 90 new jobs and a $120 million investment in the Commonwealth. The announcement comes on the heels of Gov. Beshear’s return from an economic development trip to Europe in September, which included visits to companies in Germany, Spain and Austria.
Bilstein Group’s location in Bowling Green marks the fourth German-owned site location project to develop in the last year. European companies, which employ nearly 26,000 people across the commonwealth, have a strong presence in Kentucky, accounting for 170 of Kentucky’s 400-plus foreign-owned firms.
The Kentucky Economic Development Finance Authority preliminarily approved Horizon Steel for tax incentives up to $1.5 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 Horizon Steel, visit www.horizonsteel.com.