Located in Danville
FRANKFORT, Ky. (June 29, 2017) — Adkev Inc., a family-owned custom plastic injection molding manufacturer, will locate in Boyle County with a nearly $15.7 million investment that is expected to create 70 full-time jobs.
Adkev will locate in a 190,000-square-foot former Caterpillar Inc. facility in Danville making automotive HVAC, electronic and trim components. Company leaders plan to buy the building by year-end, complete a refurbishment then open by mid-2019. The new factory will provide access to the Southeastern US market and improve proximity to customers.
“Expanding into a third facility in the Southeast region is in response to our core mission to provide stability and opportunity to our employees, communities and customers,” said Adkev President Gary Rheude.
Headquartered in Goodland, Ind., Adkev manufactures custom plastic injection molding products for the automotive, appliance and industrial industries. The company also operates a facility in Monticello, Ind., employing more than 350 employees across its two locations.
In 1987, Gary and Cathleen Rheude founded Adkev in their Indiana hometown, naming the company after their sons, Adam and Kevin. Among their first products were bobbins and various plastic components for the electronics industry. Adkev moved to a permanent facility in Goodland in 1993 and expanded to Monticello in 2007. The company has since grown to become one of the top 100 molders out of thousands in the US as ranked by industry publication Plastics News.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in June preliminarily approved the company for tax incentives up to $500,000 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.