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Precision Tooling Products Expands Manufacturing Plant Graves County, Kentucky

12/19/2016
Precision Tooling Products LLC, a family-owned machine shop that grew into a niche manufacturer of suppressors for the firearms industry, opened its $450,000 manufacturing plant expansion in Graves County, Kentucky.

The company’s investment includes new equipment to increase production of suppressors for pistols and rifles at its facility near Mayfield. The project allows Precision Tooling Products to move from one shift of six employees to two-to-three shifts with 16 or more employees in the coming years.

“We are very excited to be able to invest in our local Graves County community. The exponential growth opportunity in the suppressor industry is immeasurable and we have new innovative ideas and designs to implement as well as a large market to supply,” said Tim Fulton, Co-owner of the company. “This expansion is instrumental in the growth of our company as well as our community. We are proud to be able to work with the Graves County Economic Development team and the State of Kentucky to further expand our manufacturing operations.”

To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority in December preliminarily approved the company for tax incentives up to $200,000 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. Precision Tooling also can receive resources from the Kentucky Skills Network.

“Companies like Precision Tooling Products exemplify the manufacturing and engineering expertise that Kentucky is known for around the world,” Governor Matt Bevin said. “With this investment, the company will expand its customer base and, just as importantly, create jobs for Western Kentucky families. I congratulate Precision Tooling Products and look forward to their continued success.”

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