Bowling Green Metalforming, manufacturer of automotive body and chassis assemblies, will expand for a sixth time at Kentucky Transpark in Bowling Green, Kentucky. With an investment of more than $261 million over the next four years, the company plans to create 450 jobs.
The project includes a 260,000-square-foot addition to the company’s current facility and equipment purchases to support recently awarded contracts for heavy stamping, robotic assembly and the coating of chassis and other parts. The expansion’s economic impact is expected to top $800 million in the next decade.
The company, a division Cosma International, an operating unit of Magna International Inc., produces vehicle body and chassis assemblies for original equipment manufacturers including General Motors and Ford Motor Company.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $10 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, Bowling Green Metalforming is eligible to receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies are eligible to receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.
“Kentucky’s automotive industry proved itself a dynamo coming out of the Great Recession,” Governor Steve Beshear said. “The sector added 20,000 new jobs with investments of more than $5 billion over the past five years. It’s a privilege to see that momentum continue with an expansion of this size at Bowling Green Metalforming.”
Prior to today’s announcement, Bowling Green Metalforming completed five expansions since breaking ground 11 years ago. In total, those projects grew the facility to 950,000 square feet and more than 1,000 employees through investments of approximately $244 million.