Will invest more than $1 million in facility
FRANKFORT, Ky. (April 5, 2016) — Eagle Press, a manufacturer of industrial presses and stamping equipment, will invest more than $1 million in a Franklin facility that will bring an estimated 10 jobs to Simpson County.
Eagle Press plans to start operations in a temporary facility in April of this year and begin construction of its new 10,000-square-foot facility in Franklin by 2017. The location will function as the company’s new manufacturing and service facility.
“Eagle Press is a welcome addition to Kentucky’s diverse manufacturing portfolio,” said Gov. Bevin. “The nearly six decades of experience Eagle Press brings to Kentucky proves it can navigate change by accommodating the needs of numerous industries. We are grateful that they will be modelling this kind of innovative thinking for other companies, entrepreneurs and residents across the commonwealth.”
Parent company Eagle Press & Equipment Co. Ltd., founded in 1959 in Windsor, Ontario, operates a 50,000-square-foot facility housing its sales and service network, design, engineering production, installation, training and customer care departments.
Eagle Press builds industrial-scale presses and stamping equipment for multiple industries, including automotive, appliance, aerospace, agricultural, HVAC, construction, mold, tool and die and acoustical material forming. The company also provides full-service support, installation, emergency repair, training and parts replacement for its customers.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $200,000 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.
In addition, Eagle Press can 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.