Pounds of Plastic Inc., a supplier to the automotive and general manufacturing industries, plans to invest more than $4.1 million and create 54 full-time jobs in Owenton, Kentucky.
Based in Mississauga, Ontario, Canada, Pounds of Plastic specializes in custom polymers and thermoplastics used in automotive and a variety of other industries. The company will locate in the former Itron Inc. warehouse, a 30,000-square-foot building across from the former Itron manufacturing facility. Itron closed its Owenton operations this spring, laying off about 400 employees.
At the plant, Pounds of Plastic will manufacture custom polymers and thermoplastics for automotive customers. The company’s investment will cover costs to renovate the facility and purchase new equipment. Company leaders noted proximity to existing and prospective customers as a deciding factor in selecting both Kentucky and Owenton. Work on the project is expected to begin in November, with the facility operational by December.
“We are truly excited to become part of your community and look forward to a mutually prosperous partnership in the years ahead,” said Richard Pounds, Owner & President of Pounds of Plastic. “We would like to extend our heartfelt gratitude to the fantastic representatives of the government of Owen County and the state of Kentucky who made this possible. Our decision to choose this location over other potential locales in other states is a testament to the dedication of these individuals. We look forward to calling Owen County home.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $900,000 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. In addition, Pounds of Plastic can receive resources from the Kentucky Skills Network.
“Kentucky has a world-class automotive industry, leading the United States in vehicles produced per capita,” Governor Matt Bevin said. “It is exciting to see continuing growth within the auto industry at all levels, and it begins with suppliers like Pounds of Plastic. We are grateful for the strong collaboration between this company and state and local economic development leaders, resulting in 54 new jobs that will benefit families in Owen County and the surrounding region.”
Senator Julian Carroll, of Frankfort said, “This auto supplier will strengthen our community through new jobs and improvements to the local economy,” Senator Carroll said. “We stand ready with a skilled workforce to meet the company’s needs and look forward to a long and prosperous partnership.”