Flash Steelworks Inc. broke ground on a new manufacturing plant in Middlesboro. Lt. Gov. Jacqueline Coleman along with federal, state and local officials were present at the ground breaking event held on last Wednesday. Moreover, Flash Steel Works will invest $12.1 million and will create multiple high-paying jobs over the next 15 years.
Steel company’s optimism for new facility
Flash Steelworks is a private steel manufacturer. The company uses specialized processes to produce blast-resistant, yet lightweight, military-grade plate steel. In addition, the company also has an agreement with the Department of Defense to produce armor for the U.S. military. “Flash Steelworks is very pleased to team with everyone in the State of Kentucky to produce a world-class armor plate to protect those in harm’s way Starting in Middlesboro, we will deploy leading-edge advanced steel technology and products in what is planned to be a regional industrial hub. This new facility is just a first step toward bringing many truly high-paying, long-term jobs to Southeast Kentucky to the benefit of all.” Jr., founder and chief technology officer at Flash Steelworks Gary Cola said in his statement.
100 full-time jobs over next three years
Furthermore, Steelworks Inc. will invest $12.1 million over the next one and a half decade. In addition, the company will create 250 full-time jobs at an hourly rate of $39 including benefits. Significantly, Flash Steelworks is likely to create 100 of these jobs over the next three years. Coleman also announced $1 million in Appalachian Regional Commission (ARC) aid for construction of the new facility. “As more companies look to move to Kentucky, we want to make sure we are giving them the support they need. Flash Steelworks is betting on Kentucky, and we are ensuring they’ll be here for the long haul.” Jacqueline Coleman said in a statement.
KEDFA’s incentive agreement
In addition to ARC’s support fund, the Kentucky Economic Development Finance Authority (KEDFA) approved a 15-year incentive agreement under the Kentucky Business Investment program. Subsequently, the agreement may provide up to $3 million in tax incentives to Flash Steelworks during the investment period. However, the company has to meet the target of $12.1 million investment and pay $39 an hour wage across the 250 jobs.
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