KY: Gibbs Die Casting to Invest $10M, Expand, Create 46 Jobs in Henderson
20 Oct, 2016
Gov. Matt Bevin announced Gibbs Die Casting, a supplier of innovative, high-quality aluminum die cast components and assemblies will expand its North American Manufacturing Complex in Henderson with a $10 million investment projected to create 46 full-time jobs.
“We are grateful that the relationship Gibbs Die Casting and the Commonwealth of Kentucky have forged over more than 50 years continues to strengthen,” Gov. Bevin said. “We are encouraged by their latest expansion, and recognize that this investment will deepen the company’s commitment to Henderson County for many years to come.”
Gibbs will invest in new equipment and building modifications in Henderson to capitalize on new market opportunities and advanced lean-manufacturing methods. The company supplies aluminium 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 and 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.”
Founded in Henderson in 1965, Gibbs is a Tier 1 and Tier 2 supplier to the automotive industry. It has grown into one of the world’s largest die casting companies with locations in Brazil, Hungary and China.
Sen. Dorsey Ridley, of Henderson, pointed to the company’s long history in the community when speaking about the project.
“Having been headquartered in Henderson for more than five decades, Gibbs Die Casting has been a good corporate partner,” Sen. Ridley said. “I applaud the company’s continued success and the resulting new jobs. Our community stands ready with a skilled workforce to meet all the company’s future needs.”
Rep. David Watkins, of Henderson, said Gibbs continues to make a strong positive influence on the community.
“We are very fortunate to have Gibbs Die Casting manufacturing in Henderson,” he said. “They have always been a very positive force for our economy. We’re so proud Gibbs has elected to make the additional investment in our community. This is a true acknowledgement to the hard-working folk in our area.”
Henderson Mayor Steve Austin noted Gibbs’ longstanding partnership with the region.
“Gibbs Die Casting has been a wonderful company for our community with a stable workforce and producing a product that is known area-wide as top of the line,” said Henderson Mayor Steve Austin. “We are extremely happy that Gibbs has an opportunity to expand its operations and grow in Henderson.”
Henderson County Judge-Executive Brad Schneider welcomed the new investment and jobs.
“Gibbs continues to show faith and commitment to Henderson County with this expansion, and we are more than happy to return their trust by working with Kyndle, our regional economic development partner, to arrange local incentives for the project,” Judge Schneider said. “Gibbs is one of our community’s most significant and long-standing employers, and we will partner with the Koch family in any way possible to ensure their success in Henderson County continues for decades to come.”
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). 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. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. Last year, the Kentucky Skills Network trained more than 84,000 employees from more than 5,600 Kentucky companies.
For more information on Gibbs Die Casting, visit www.KochEnterprises.com/Gibbs-Die-Casting.
A detailed community profile for Henderson (Henderson County) can be viewed at http://bit.ly/HendersonCo.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook or follow on Twitter. Watch the Cabinet’s “This is My Kentucky” video on YouTube.