Remington Arms Co., one of the largest domestic producers of shotguns and rifles, is investing $5 million to expand its operations in Hickory. The expansion is expected to add 100 new jobs over the next three years.
Founded in 1816, Remington is one of the nation’s oldest continuously operating manufacturers of shotguns and rifles. The company operates multiple manufacturing facilities within the United States and performs all significant R&D at its facility in Elizabethtown, Ky. Remington, which currently employs 91 Kentuckians in Hickory, plans to add 30,000 s.f. to its existing 44,000-s.f. facility to accommodate the relocation of certain rifle production lines from Connecticut.
According to Joe Gross, chief operating officer of Freedom Group, Remington Arms’ parent company, Remington’s operations in Kentucky contributed $33 million in gross state product in 2009, supported 268 full-time jobs and generated more than $3.7 million in state and local tax revenues.
In announcing the company’s expansion plans, Gross praised Kentucky’s “business-friendly environment.”
“Their willingness to meet our ambitious time frame demonstrates their sensitivity to today’s intensely competitive business environment and their sincere interest in building the economy of western Kentucky,” Gross said.
The Kentucky Economic Development Finance Authority preliminarily approved Remington Arms for tax incentives up to $4.5 million through the Kentucky Business Investment program, which can be earned over a 15-year period through corporate income tax credits and wage assessments.