Precision Pulley & Idler, a supplier of idlers, pulleys, bearings and other products for the major bulk and material handling components industries, opened its $10.75 million production facility in Maysville, Kentucky. The project is expected to create more than 100 full-time jobs over the next decade.
PPI’s 105,000-square-foot facility, on Progress Drive in Maysville, provides space for both manufacturing and distribution operations.
According to state officials, PPI’s decision to locate in Mason County places the company in the same region as several of its key customers. The building offers capacity to meet the growing demand for PPI’s package and baggage handling product lines. It also 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.
“We are very excited to open our new PPI facility in Maysville, Kentucky. We look forward to a bright future and anticipate many years of growth in the community,” said Roger Brown, President & CEO of PPI. “We very much appreciate the efforts of the commonwealth of Kentucky, Mason County and the city of Maysville and all of their assistance in making this day possible. We believe that today is the start of a very long-term relationship with Maysville and everyone supporting jobs and economic growth in the region.”
Headquartered in Pella, Iowa, PPI is a division of Precision, Inc., which has nearly 1,200 employee owners and 16 locations worldwide, including manufacturing, warehousing, service centers and a training center in the US, Canada and Chile. PPI is 100 percent employee owned.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority in December 2018 preliminarily approved a 12-year incentive agreement with the company under the Kentucky Business Investment program.
The performance-based agreement can provide up to $2.1 million in tax incentives based on the company’s investment of $10.75 million and annual targets of creation and maintenance of 134 Kentucky-resident, full-time jobs across 12 years, while paying an average hourly wage of $23.50 including benefits.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments. In addition, PPI can receive resources from the Kentucky Skills Network.
Owen McNeill, executive director of the Maysville-Mason County Industrial Development Authority (MMCIDA), said the community rose above the field in a competitive race to land the project. “The addition of PPI to Maysville and Mason County underscores our community’s commitment to attracting world-class business and industry by showcasing our highly skilled workforce, logistical advantage and our unequaled quality of life,” McNeill said.
“Executives with PPI had several states and communities vying for their plant and we greatly appreciate the confidence they have placed in the Maysville community. We congratulate the executives and employees of Precision Pulley & Idler and we are looking forward to their Maysville team continuing to lead the way for their organization. The MMCIDA welcomes PPI to our area and we greatly appreciate their investment and confidence in our citizens and community.”