Project will create 15 new manufacturing jobs
Frankfort, Ky. – Precision Strip Inc., a metals processor for various industries, will build a second Kentucky facility with an estimated $15.5 million investment projected to add 15 new full-time positions.
Precision Strip plans to build its new, 80,000-s.f. facility in Scotty’s Industrial Park in northern Warren County. The facility, which will include a slitting line, will allow the company to better serve its customers in southcentral Kentucky. Precision Strip hopes to mirror the growth of its existing Kentucky location in nearby Woodburn, which now employs 112 people in a 308,000-s.f. facility. The Woodburn facility expanded three times since opening in 1995.
“The new Precision Strip location in Bowling Green will be a nice complement to our existing operations in Woodburn,” said Joe Wolf, president of Precision Strip. “It will allow us to add capacity for metals processing in a geographic region that is experiencing healthy growth in the markets we serve. We greatly appreciate the support we received from the Chamber and the state of Kentucky on this project.”
Precision Strip processes, stores and delivers steel and aluminum for several markets, including the automotive, appliance, industrial products and beverage-can industries. The company was established in Minster, Ohio in 1977. It currently employs approximately 1,200 people across 12 locations in six states. Precision Strip offers a variety of services related to the toll processing of carbon, stainless steel and aluminum including: slitting, oscillate slitting, multi-blank cut-to-length processing, Class 1 automotive blanking and coil fed laser blanking.
“As evidenced by this announcement, southcentral Kentucky continues to be a model for economic growth in the Commonwealth,” said Governor Matt Bevin. “Precision Strip has operated successfully in Kentucky for more than 20 years, and we celebrate their commitment to further growth here in the region. This expansion is a prime example of Kentucky’s potential to be the manufacturing hub of America.”
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 $300,000 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, KEDFA gave Precision Strip preliminary approval for up to $100,000 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.
In addition, Precision Strip is 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.
For more information on Precision Strip, visit www.precision-strip.com.