BOWLING GREEN, Ky. — State and local officials marked the groundbreaking of Bilstein Cold Rolled Steel LP at the Kentucky Transpark in Bowling Green to celebrate 110 jobs created through the company’s $130 million investment.
“We couldn’t be happier to welcome Bilstein’s new investment in Kentucky,” said Gov. Steve Beshear. “The commonwealth maintains great relationships with German companies, and Bilstein’s addition reiterates the importance of those relationships. With 64 German-owned facilities employing 10,500 full-time workers across the state, it shows our efforts in attracting those companies to Kentucky make a positive impact.”
Bilstein Cold Rolled Steel Lp is a subsidiary of the family-owned German steel processor Bilstein Group, Europe’s largest supplier of cold-rolled products. The company will build the 250,000-s.f. cold-rolling steel manufacturing facility in Warren County to better serve its North American automotive industry customers.
“On behalf of Bilstein Group I am excited to be here in Bowling Green today to celebrate the groundbreaking ceremony of our new production facility,” said BILSTEIN GROUP managing partner Marc T. Oehler. “This project is a significant step forward for our North American market strategy. The Bilstein Cold Rolled Steel LP facility will further accelerate our company’s global growth initiatives while providing our customers with demanding cold rolled strip products of the highest quality. The support we have received from the community, the Bowling Green Chamber and the local officials has been invaluable and I look forward to many, many years calling southcentral Kentucky our home.”
Founded in 1911 in Hagen, Germany, Bilstein processes over 600,000 tons of cold-rolled steel strip annually and employs more than 1,400 people worldwide. Bilstein North America Inc., established in 2009, maintains five warehouse locations in North America.
The commonwealth is home to more than 445 foreign-owned companies from 33 nations, employing more than 89,000 people.
Since January 2013, 29 German-owned facilities announced new locations or expansion projects in Kentucky, creating more than 1,200 full-time jobs through the collective investment of more than $488 million.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $3.5 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
Additionally, Bilstein was approved by KEDFA for $1.4 million in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA 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.
Bilstein is also eligible to receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies are eligible to receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. Last year, the Kentucky Skills Network trained more than 84,000 employees from more than 5,600 Kentucky companies.