MISA Metal Fabricating Inc., which provides steel cutting, welding, machining, fabricating and other services to industrial clients, will invest $4.3 million to expand its production facility at the Jefferson Riverport International Industrial Park in Louisville, Kentucky.
The project expands and upgrades MISA’s current space. Shop floor space will increase by approximately 36,000 square feet, providing room for additional equipment, inventory and material handling. A new employee entrance, break room, locker room, restrooms and new human resources offices will contribute an additional 6,000 square feet to the facility. The project will also add parking spaces.
“MISA Metal Fabricating Inc.’s expansion will allow us to increase production capacity, as well as add capabilities to meet new customer demands and opportunities, while providing a better and safer work environment for our employees,” said Mike Talis, MISA’s President. “We are excited about the opportunities we see for the growth of our company, our customers and our employees.”
“The expansion at MISA Metal Fabricating is the latest success in our work to bring jobs to the Commonwealth. It’s all the more appropriate this announcement comes as Kentucky celebrates Manufacturing Month,” said Governor Steve Beshear. “Over the past five years, 80 percent of announced new investment and 55 percent of new jobs tie directly to manufacturing. These 18 jobs coming to Louisville represent the continued strength of manufacturing growth in Kentucky.”
“MISA Metal Fabricating Inc. has been a corporate citizen in Louisville for over 20 years, and we are excited about their latest expansion at Riverport Industrial Park,” said Mayor Greg Fischer. “Their products and services play a strong role in our flourishing manufacturing sector and we look forward to their continued success.”
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $90,000 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, MISA received preliminarily approval from KEDFA for $80,000 in tax incentives through the Kentucky Enterprise Initiative Act. KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
MISA is also 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.