Accuride Corp. have planned to invest $2million at company’s facility in Henderson County. Moreover, the investment at the facility is likely to create 15 well-paying jobs for the Kentucky’s residents.
A bid to remain competitive
Accuride Corp. is a manufacturer of steel truck wheels, wheel ends and braking components for commercial and passenger vehicles. The company is trying to make themselves competitive in a rapidly growing automotive industry. Moreover, they are trying to replace almost 50 years old cooling towers with new ones. In addition, they intend to upgrade their disc finishing and rim line processes. “Investing in our plant and community will help us to achieve our goal of providing the highest quality products to our customers. Also, this will allow us to expand our team with new production, maintenance and salary team members.” Rob Jozwiak, director of operations at the Henderson County operation expressed his views over the latest investment.
15 well-paying jobs
The new investment will bring some new job opportunities at Accuride Corp. Therefore, the company has announced to add 15 new full time jobs for maintenance, production, and salaried positions. Moreover, the company is claiming to start these jobs at $39 an hour including benefits. They are offering good salaries to remain competitive with other companies in the area. Furthermore, experts are considering this investment as a sign of stability at the company. Currently, the Handerson County’s facility is employing 137 people.
KEDFA incentive program
Moreover, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved a 10-year incentive in June. Hence, the incentive will encourage and job growth in the community. The incentive is approved under Kentucky’s Business Investment Program. The performance-based agreement can provide up to $250,000 in tax incentives based on the company’s investment of more than $2 million. However, the company have to meet certain targets in order to avail the incentives. Firstly, Accuride needs to create and maintain 15 new full-time jobs for Kentucky-resident across 10 years. Secondly, they have to pay an average hourly wage of $39, including benefits for these jobs. In addition, Accuride 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.
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