KY: Gov. Beshear Announces Propulsys to Make Nearly $9.5 Million Investment in Hopkinsville Headquarters, Retain 207 Employees
26 Oct, 2011
Global company to upgrade facility, remain competitive with next generation of products
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Governor Steve Beshear recently joined community leaders and officials from Propulsys to announce the company will make a nearly $9.5 million investment in its Hopkinsville headquarters operation.
The investment will facilitate necessary upgrades to its facility, improving product performance and allowing the company to retain its existing workforce of 207 people.
“When a longstanding corporate citizen, such as Propulsys, continues to reinvest in its Kentucky facility, it sends a clear message that its confidence in the state’s business climate and workforce is strong,” Gov. Beshear said. “I couldn’t be more pleased that the Commonwealth was able to help facilitate this nearly $9.5 million investment at Propulsys’ global headquarters, helping to retain the jobs of more than 200 Kentuckians.”
Propulsys is one of the world’s largest manufacturers of low-speed, high-torque hydraulic motors. Established in 1983, the company’s Hopkinsville headquarters operation serves locations in the People’s Republic of China and Germany. The multi-million dollar investment will enable Propulsys to make the next generation of products and continue to grow market share.
“In the last five years, Propulsys has invested more than $15 million in its Hopkinsville facilities,” said Rich Maddux, Propulsys president and CEO. “Given the global competition for our jobs and investment, we are pleased that the Commonwealth of Kentucky recognizes that advanced manufacturing is important to its future and has partnered with us to expand our world class production operations with an additional $9.5 million investment. Kentucky’s commitment to business expansion and its sustained investment in workforce education, as embodied in Senate Bill 1, will help us compete for years to come.”
To encourage this investment, the Kentucky Economic Development Finance Authority preliminarily approved Propulsys for tax incentives up to $3 million through the Kentucky Reinvestment Act. The program is designed to assist companies that need to make significant capital investment in Kentucky facilities in order to remain competitive.
“This investment by Propulsys will result in the retention of hundreds of jobs for our families in Christian County and the surrounding area,” said Sen. Joey Pendleton, of Hopkinsville. “Propulsys is a good corporate citizen, and we appreciate the company’s investment and look forward to many more years of working together. I appreciate Gov. Beshear taking the lead to support this industry, its employees and its families.”
“Propulsys has been a great corporate partner for our community, so I’m more than pleased to see it make this decision and that state and local officials could work together to help make it happen,” said Rep. John Tilley, of Hopkinsville. “This investment says a tremendous amount as well about the quality of our local workforce, which I think is second to none.”
New and existing companies have announced the creation of more than 850 new jobs, as well as the retention of another 816 existing Kentucky jobs in Hopkinsville during Gov. Beshear’s administration. These economic development projects represent a nearly $148.3 million capital investment in the Commonwealth.
“We are excited that Propulsys has made the decision to make a significant capital investment in their operation,” said Hopkinsville Mayor Dan Kemp. “In such a competitive global market, we are proud that the White family continues to have the confidence to grow their business in the location where they both live and work.”
The company was founded by Harvey and Hollis White and is currently operated by the second generation of Whites.
“Today’s expansion announcement at Propulsys is great news for Christian County,” said Christian County Judge-Executive Steve Tribble. “Our partnership with Propulsys began when they first started production here in 1983. As they continue to invest locally and provide quality jobs for our citizens, we look to many more years of our continued partnership.”
“TVA congratulates Propulsys on their decision to invest in Hopkinsville and retain its existing employment base,” said John Bradley, Tennessee Valley Authority senior vice president of economic development. “We are privileged to partner with the company, Pennyrile Rural Electric Cooperative Corporation, the Hopkinsville-Christian County Economic Development Council and the Kentucky Cabinet for Economic Development to facilitate this opportunity.”
For more information on Propulsys, visit www.propulsys.com.
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 at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky.