LEXINGTON, Ky. — Canada-based Vector Corrosion Technologies Inc., a provider of corrosion mitigation products and services, will invest over $1 million to establish a manufacturing facility on Winchester Road, in Lexington, Kentucky creating 20 full-time jobs.
Vector will locate its first U.S. manufacturing facility in an existing 15,200-square-foot building in Lexington. The company’s investment will support new manufacturing equipment and other startup-related costs. Jobs created at the new facility will include supervisory, quality control, shipping and receiving and production line workers. Company leaders expect work on the facility to begin in March with operations set to begin shortly thereafter.
Headquartered in Winnipeg, Canada, Vector has over 50 years of experience in concrete repair and corrosion solutions to extend the life of infrastructure. In the late 1990s, Vector introduced the original Galvashield XP embedded galvanic anode for concrete repair in North America. Today, Vector is a global leader in corrosion mitigation products and services for reinforced concrete and masonry structures including bridges, parking garages, buildings, marine structures and industrial facilities. Vector has offices in Canada, the U.S. and the United Kingdom and partners with over 20 distributors globally to service key markets in Europe, Asia, the Middle East and Latin America.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $132,000 in tax incentives based on the company’s investment of $1.16 million and annual targets of:
- Creation and maintenance of 20 Kentucky-resident, full-time jobs across 10 years; and
- Paying an average hourly wage of $23.52 including benefits across those jobs.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, Vector can receive resources from Kentucky’s workforce service providers. These include no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.
For more information on Vector Corrosion Technologies, visit Vector-Corrosion.com.
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