Hollobus Technologies Inc. is planning to relocate their headquarters in Western Kentucky and will invest $2.25 million in Murray. Moreover, their relocation to Kentucky will create 150 new full-time jobs.
Relocation of headquarters
Hollobus Technologies a subsidiary of engineering design technology company Superior Tray Systems. The company produces electrical power distribution connectors. The investment will locate the company’s head office, primary manufacturing operation and an R&D facility. They will shift at the former Briggs & Stratton location at 110 Main Street in Murray. In addition, the project will build out the new Hollobus product line.
Partnership with Murray State University
The company is partnering with Murray State University to establish a workforce pipeline. Moreover, they are interested in focusing their hiring efforts on recently discharged military personnel from nearby Fort Campbell. “We were initially attracted to Murray, Kentucky because we were looking for a building in the mid-Southeast United States. After coming here and working with local officials, we are excited to be part of the Murray community and look forward to having great success here for many years.” Mihaela Adams, manager of global business development for Hollobus said in a statement.
Incentives under the Kentucky Economic Development Finance Authority
Kentucky’s government has also encouraged the company to opt for Murray as their headquarters. Therefore, the Kentucky Economic Development Finance Authority (KEDFA) in April preliminarily approved a 10-year incentive agreement with the company. Kentucky Business Investment program approved these incentives. Hence, the performance-based agreement can provide up to $1.2 million in tax incentives based on the company’s investment of $2.25 million. However, the company also needs to meet certain annual targets. Firstly, it includes creation and maintenance of 150 full-time jobs for Kentucky-resident across 10 years. Secondly, the company will also need to pay an average hourly wage of $22 including benefits across those jobs. Subsequently, the company may keep a portion of the new tax revenue it generates by meeting the agreement terms.
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