Handrail manufacturer Hollaender Manufacturing Co. plans to set up an operation in Somerset, Kentucky. The company will invest $667,000 and is expected to create up to 16 full-time jobs.
Hollaender leadership selected a 12,000-square-foot facility in Somerset for its new location in an effort to better serve existing and future customers. The company will manufacture its line of Speed-Rail mechanical fittings at the location.
Hollaender’s investment is expected to cover the cost of new equipment to meet current production requirements. The facility also provides the opportunity for future growth based on increased customer demand.
“We are extremely excited about our new manufacturing operation in Somerset,” said Marc Cetrulo, President & COO of Hollaender. “After an extensive search that included several states, we felt the skilled labor force in this area will provide a tremendous boost to our long-term growth plans. We are extremely grateful to all those at the state level and in Pulaski County who worked so hard to bring this plan to fruition.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $300,000 in tax incentives based on the company’s investment of $667,000 and annual targets of: Creation and maintenance of 16 Kentucky-resident, full-time jobs across 15 years, and
Paying an average hourly wage of $26.47 including benefits across those jobs.
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, Hollaender can receive resources from the Kentucky Skills Network.
“Hollaender Manufacturing Co. has a long track record of success, and we are grateful that the company has selected Somerset for its first Kentucky location,” Governor Matt Bevin said. “This will be a beneficial project for the skilled local workforce, with the potential for growth and an even greater impact in the future. We are excited to see what lies ahead for Hollaender here in Kentucky, America’s center for engineering and manufacturing excellence.”
Chris Girdler, President & CEO of the Somerset-Pulaski County Development Authority, said, “I’ve enjoyed getting to know Marc Cetrulo, Donald Spillane and the team from Hollaender, and we, as a community, are very excited to welcome this family owned business to Somerset and Pulaski County. I believe this is the first of many more jobs that Hollaender Manufacturing will be bringing into our region and I know they will be impressed with our workforce.”