Gov. Matt Bevin announced Precision Pulley and Idler (PPI), a supplier of idlers, pulleys, bearings and other products to the major bulk and material handling component industries, will locate a $10.75 million manufacturing operation in Maysville with plans to create 134 full-time jobs over the next 10 years.
“We are delighted to welcome Precision Pulley and Idler to Kentucky, and congratulate the Maysville community on this exciting news,” Gov. Bevin said. “The 134 jobs associated with this project will greatly benefit the regional economy, and the local workforce stands ready to ensure the company’s success in the commonwealth. We are grateful to PPI for this significant investment and look forward to seeing their operation grow in the years ahead.”
PPI will locate in an existing 105,000-square-foot building on Progress Drive, providing room for both manufacturing and distribution operations. Selecting Mason County puts PPI in the same region as a high percentage of its customers. The building offers capacity to serve new demand for PPI’s package and baggage handling product lines. As well, it provides additional space in the event of a natural disaster or other factors that could hinder production, ensuring the company can serve its customers without interruption.
“The addition of this facility in Maysville allows for additional capacity to meet growing demands both now and into the future,” said Roger Brown, the company’s president and CEO. “We are very excited to become a part of the Maysville community and expect to be an active member of the community for many years. We are honored to now call Maysville home.”
PPI, founded in 1977 and headquartered in Pella, Iowa, provides idlers, pulleys, take-up frames and bearings for cement, grain, forestry, power, package and unit handling, coal, hard rock, aggregate and contract manufacturing businesses. The company operates 12 facilities in the U.S., including manufacturing operations, service centers and training centers, as well as locations in Canada and Chile. PPI is 100 percent employee owned through an Employee Stock Ownership Plan.
Sen. Stephen West, of Paris, applauded PPI for selecting both Kentucky and Maysville.
“This year, I have been encouraged by the numerous companies deciding to develop and utilize Kentucky as an industrial hub,” said Sen. West. “Investments like this are advancing our region with higher retention rates, new jobs and a stronger local economy. Thank you to Precision Pulley and Idler for bringing this much-welcomed development to Maysville.”
Rep. John Sims Jr., of Flemingsburg, spoke on the impact PPI’s new location will have locally.
“I’m proud to welcome Precision Pulley and Idler to Maysville and definitely want to thank those responsible for such a large investment in our community and the creation of so many new jobs,” Rep. Sims said. “This announcement is a testament to our second-to-none workforce and quality of life, and it also speaks volumes about our local and state economic development leaders. This is a great day for all us, but especially those families who will benefit from this decision.”
Maysville Mayor David Cartmell said the arrival of PPI falls in line with the community’s manufacturing history.
“Maysville has always had a robust manufacturing base. Historically, we had Browning and Emerson, while today we have industry leaders such as Stober Drives, Mitsubishi and Green Tokai,” Mayor Cartmell said. “World-class manufacturing runs deep in Maysville, and I believe PPI recognizes that history and will capitalize on the knowledge and workforce that comes with it.”
Mason County Judge-Executive Joe Pfeffer said local officials want to help ensure the success of the company’s new location.
“We are pleased to add PPI to our growing list of world-class manufacturing facilities in Maysville and Mason County,” Judge-Executive Pfeffer said. “Given our geographic location, upscale amenities and highly skilled workforce, Mason County, Kentucky, is thriving. While elated to be chosen, we are looking forward to working with PPI going forward to help ensure they made a successful choice.”
Owen McNeill, executive director of the Maysville-Mason County Industrial Development Authority said Mason County has the formula for even more economic growth.
“The addition of PPI to Maysville and Mason County underscores the momentum our community is building. The competition for this project involved multiple states and the fact that PPI selected Maysville shows we are open for business,” McNeill said. “Maysville is beginning to move the needle and business and industry are noticing. For our population, Maysville punches above its weight class in terms of amenities, services and quality of life. Additionally, the alignment of our educational system and workforce services ensures we can provide the talent pipeline these industries need.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Dec. 13 preliminarily approved the company for tax incentives up to $2.1 million 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.
In addition, PPI 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.
For more information on PPI, visit www.PPI-Global.com.
A detailed community profile for Mason County can be viewed here.
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, follow on Twitter and watch the Cabinet’s “Now You Know” video on YouTube.
There are no comments
Please login to post comments