Wieland North America Inc., Germany-based copper products manufacturer, will invest $8.8 million to locate its headquarters in Louisville, Kentucky. The company plans to hire 75 associates.
The new headquarters on Olympia Park Plaza, near the intersection of Interstate Highway 71 and the Gene Snyder Freeway, also will house Wieland Rolled Products North America LLC, formerly Olin Brass, which was acquired in July 2019. Both are subsidiaries of Ulm, Germany-based Wieland-Werke AG. Company leaders expect the 30,000 square foot office to be fully open by the end of Q1 2021, subject to pandemic-related requirements.
"Wieland has a rich heritage, developed over 200 years with thoughtful decision-making, courage and entrepreneurship," said Wieland North America CFO Matt Bedingfield. "Today, we focus on sustainability, laying the foundation for the next 200 years. The success of our company is based on the dedication and expertise of our people. We want to create a functional, innovative and welcoming workplace where our employees will thrive. We are excited to do this work in Louisville and look forward to expanding our story and footprint here."
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) last week preliminarily approved a 10-year incentive agreement with Wieland North America under the Kentucky Business Investment program. The performance-based agreement can provide up to $3 million in tax incentives based on the company's investment of $8.8 million, including rent and improvements, and annual targets creation and maintenance of 75 Kentucky-resident, full-time jobs across 10 years. 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, Wieland can receive resources from the Kentucky Skills Network.
"As we build toward a better future for Kentucky, creating well-paying jobs for our residents, families and communities is key," Governor Andy Beshear said. "Wieland's new North American headquarters will certainly add new momentum to that initiative and help make the state economically stronger than ever. I want to thank Wieland's leadership for selecting Kentucky for continued growth, and I look forward to helping the company succeed and increase its footprint in the commonwealth for years to come."
Wieland Rolled Products NA is the leading manufacturer and converter of copper and copper-alloy sheet, strip, foil, tube and fabricated components in North America. The company also rerolls and forms other metals, such as stainless and carbon steel. Its products are used in a variety of industries, including building and construction, munitions, automotive, coinage and electronics/electrical components.