FRANKLIN, Ky. (April 20, 2012) – Vermont Thread Gage will invest more than $1.7 million in its Franklin plant, expanding the facility by 35,000 square feet. The project will also add 15 new jobs to its existing workforce of nearly 100 employees.
“Vermont Thread Gage has seen outstanding growth and success that is due in large part to the dependable, hardworking employees who exemplify Kentucky’s workforce,” said Gov. Beshear, who made the announcement.
Formed in 2000, Vermont Thread Gage manufactures thread gages sold through its parent company, Vermont Precision Tools Inc. Vermont Gage is a world leader in fixed-limit gages and manufactures a wide range of gage pins and sets, taperlock gages, ring gages, and threaded ring and plug gages for a variety of industries, including automotive, aerospace, medical, fastener and general cutting tools.
“We’re excited about expanding our operation right here in Franklin,” said John Gehret III, general manager and shareholder in Vermont Thread Gage. “Our growth is in large part attributable to the quality of the workforce and the support we receive from the community.”
The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $375,000 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.