Canada-based Vector Corrosion Technologies Inc., a provider of corrosion mitigation products and services, will establish operations in Lexington, Kentucky. The $1 million project is expected to create 20 new jobs.
The company will locate its first U.S. manufacturing facility in an existing 15,200-square-foot building. The investment will support new manufacturing equipment and other startup-related costs. Work on the facility is expected to begin in March with operations set to begin shortly thereafter, according to company officials.
“On behalf of the Vector team, we are excited to open our first U.S.-based manufacturing facility in Lexington,” said Chris Ball, senior vice president at Vector. “We look forward to gearing up quickly to bring Kentucky-made corrosion solutions to extend the life of critical infrastructure throughout the country,” added David Whitmore, President at Vector Corrosion Technologies.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $132,000 in tax incentives based on the company’s investment of $1.16 million and annual targets of creation and maintenance of 20 Kentucky-resident, full-time jobs across 10 years, and paying an average hourly wage of $23.52 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, Vector can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
“I am glad to see a new company locating in Lexington to create quality job opportunities for the local workforce,” Governor Andy Beshear said. “Vector Corrosion Technologies has a proven track record of success and will be a great addition to the manufacturing sector in Fayette County. The company’s leaders have plans to get this operation up and running quickly, and I look forward to Vector’s growth in Kentucky.”
Headquartered in Winnipeg, Canada, Vector has over 50 years of experience in concrete repair and corrosion solutions to extend the life of infrastructure. In the late 1990s, Vector introduced the original Galvashield XP embedded galvanic anode for concrete repair in North America. Today, the company is a global leader in corrosion mitigation products and services for reinforced concrete and masonry structures including bridges, parking garages, buildings, marine structures and industrial facilities.
“We are excited to welcome Vector Corrosion Technologies to Central Kentucky. This growing manufacturing operation plans to provide a variety of great jobs for the community,” said Bob Quick, President and CEO of Commerce Lexington. “This is a key strategic target for our economic development efforts and will further strengthen our competitive advantage in this important economic sector. We want to thank Vector Corrosion Technologies for its investment and confidence in Lexington.”