Gibbs Die Casting is investing more than $22.8 million to expand operations at its world headquarters in Henderson, Kentucky, adding 160 jobs in the Commonwealth. In addition to current die casting production, the expansion project includes new manufacturing lines for eight-speed transmission parts and rear axles for the automotive industry.
“Gibbs Die Casting is very thankful for the state and local government’s commitment to support our local growth initiative,” said Steven Church, president and CEO of Gibbs Die Casting Corporation. “We have a wonderful partnership with the city and county of Henderson, and we are excited about the opportunity to grow and increase jobs that will have a positive long term effect on the entire region.”
Headquartered in Henderson, Gibbs Die Casting was established in 1965 and is owned by Koch Enterprises. Gibbs has grown into one of the world’s largest die casting companies, operating eight factories for aluminum and magnesium casting, machining, assembly and die building with facilities in Hungary, Brazil and China. The Henderson facility currently employs more than 560 people.
“Gibbs Die Casting is a global company with facilities on four continents, which makes us even more proud it is based here in the Commonwealth,” said Gov. Steve Beshear. “Gibbs is a true asset to the Commonwealth, as it has provided quality jobs throughout this region, while making several substantial investments in the local economy, the facilities and the employees throughout the years.”
As an incentive to encourage the investment and job growth in Henderson, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $3 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
“It’s a great day for all when one of our existing industries announces an expansion. But it is especially exciting when that existing industry is Gibbs, who has such a long and stable history in our community and displays such a presence and strength,” said Henderson Mayor Steve Austin. “This major business expansion will have an extremely positive long term impact for Henderson and the entire region, one that we all hope continues to grow and prosper for many, many years into the future.”