Will create 65 new jobs
FRANKFORT, Ky. (Oct. 16, 2014) — Gov. Steve Beshear announced today that Plastikon Industries plans to expand its Leitchfield production plant.
Plastikon, a manufacturer of plastic injection molding for the automotive industry, is expected to create 65 new jobs and invest $10.3 million into the project.
The company plans to purchase additional land and equipment, and more than double its facility from 90,000-s.f. to 190,000-s.f.
To encourage the investment and job growth in Leitchfield, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $1 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.
KEDFA also approved Plastikon for tax benefits up to $150,000 through the Kentucky Enterprise Initiative Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.