KY: Precision Strip to Invest $31M, Create 31 Jobs in Warren County
13 Sep, 2018
Gov. Matt Bevin announced Precision Strip Inc., a metals processing company, will double its originally planned investment in Warren County to approximately $31.7 million and the creation of 31 full-time jobs.
“Already an exciting project when it was originally announced, this increase in investment and job creation only adds to the positive impact Precision Strip will have on the local economy,” Gov. Bevin said. “The company has processed quality products in Kentucky for nearly 25 years, and we are proud to welcome their expanded presence moving forward. Thanks to Precision Strip’s commitment to the commonwealth, many families in the Bowling Green region will benefit from new job opportunities.”
Precision Strip’s facility in Scotty’s Industrial Park in Bowling Green will double with an 80,000-square-foot addition for a second slitting line. The facility opened in 2017 and currently employs 14 people. As originally announced in February 2016, the project included a $15.5 million investment and 15 new jobs.
Precision Strip’s leaders look to build on the success of their other Kentucky operation, which currently employs 121 people at its 308,000-square-foot facility in nearby Woodburn.
“After having been operational for only a year at our Bowling Green facility, it became clear that the south central Kentucky region was continuing to see healthy growth and investment in the markets we serve,” said Joe Wolf, president of Precision Strip. “As a result, we feel the addition of a state-of-the-art slitting line will help us continue to best serve our customers who need metals toll processing. We greatly appreciate the ongoing support we receive from the Chamber and the commonwealth of Kentucky on these projects that fuel economic growth.”
Precision Strip processes, stores and delivers steel and aluminum for several markets, including the automotive, appliance, industrial products and beverage-can industries. The company was established in Minster, Ohio in 1977. It currently employs 1,250 people across 13 locations in six states. Precision Strip offers a variety of services related to the toll processing of carbon, stainless steel and aluminum including: slitting, oscillate slitting, multi-blank cut-to-length processing, Class 1 automotive blanking and coil fed laser blanking. The company has operated in Kentucky since its Woodburn operation was established in 1994.
Sen. Mike Wilson, of Bowling Green, expressed gratitude for the company’s larger commitment.
“The addition of 31 new full-time jobs is welcome news to the people of Warren County,” Sen. Wilson said. “This expansion is certain to strengthen our local economy. I want to thank Precision Strip for continuing to choose Bowling Green to conduct their business.”
Rep. Michael Meredith, of Oakland, wished the company well with its project.
“Warren County continues to be a great place for businesses to expand,” Rep. Meredith said. “I’m pleased to see Precision Strip double its original intended investment in the community and I wish it continued success.”
Bowling Green Mayor Bruce Wilkerson said the company is poised for long-term success.
“Precision Strip’s Bowling Green location is primed for growth,” Mayor Wilkerson said. “Situated among so many companies within the steel and aluminum industry, their future in our community is undoubtedly bright. I congratulate them on this first of many expansions.”
Warren County Judge-Executive Mike Buchanon said the company is a strong corporate partner.
“Precision Strip has proven to be a valuable asset to Warren County’s business community,” Judge-Executive Buchanon said. “We’re excited to celebrate their success and are thrilled they continue to call Warren County home.”
Bowling Green Area Chamber of Commerce President and CEO Ron Bunch said the best is yet to come for Precision Strip.
“Precision Strip’s presence in south central Kentucky will only continue to grow with the global success of the aluminum and steel industry,” Bunch said. “We are delighted to celebrate the growth of their operations in Bowling Green and look forward to their continued success in our community.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in January 2016 preliminarily approved the company for tax incentives up to $300,000 through the Kentucky Business Investment program, (KBI). 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. Based on the larger project scope, the company may request a modification of its KBI agreement in the future.
Additionally, KEDFA approved Precision Strip for up to $100,000 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.
Also, Precision Strip 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. In fiscal year 2017, the Kentucky Skills Network provided training for more than 120,000 Kentuckians and 5,700 companies from a variety of industry sectors.
For more information on Precision Strip, visit www.precision-strip.com.
A detailed community profile for Warren County can be viewed here.