Gibbs Die Casting Expands Manufacturing Complex in Henderson, Kentucky
20 October 2016
Gibbs Die Casting, a supplier of innovative, high-quality aluminum die cast components and assemblies will expand its North American Manufacturing Complex in Henderson, Kentucky. The company will invest a projected $10 million and create 46 full-time jobs.
The company will invest in new equipment and building modifications in Henderson to capitalize on new market opportunities and advanced lean-manufacturing methods. The company supplies aluminum die-cast-and-machined and assembled components for the automotive and some non-automotive customers. The Henderson campus currently operates two die casting plants and a machining plant. The expansion will re-open an additional die cast plant and an additional machining facility.
“Gibbs Die Casting is extremely excited with our upcoming casting and precision machining expansion projects in Henderson,” said Steve A. Church, President/CEO of Gibbs. “The facility and production equipment investments will allow Gibbs to advance our technology and secure our future as one of Henderson’s largest employers. We are grateful to the state of Kentucky for the approval of incentives under the Kentucky Business Investment Program and to Kyndle for their continued local support.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in August preliminarily approved the company for tax incentives up to $800,000 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 approved Gibbs Die Casting for up to $35,000 in tax incentives through the Kentucky Enterprise Initiative Act. 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, Gibbs Die Casting can receive resources from the Kentucky Skills Network.
Source : areadevelopment.com