Worldwide Technologies, a manufacturer of precision machined parts, plans to invest $1.42 million to open a manufacturing complex in Greensburg, Kentucky.
The company plans to purchase and renovate an existing spec building at 1 Tech Way to support its production of precision-machined parts, including heavy truck, defense and medical parts, in addition to job shop services.
“We are very thankful for the opportunity to broaden our manufacturing base in Greensburg, Kentucky,” co-founder Kenny Whitworth said. “Mike and I look forward to creating good jobs here.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority approved Worldwide Technologies for up to $30,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). 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.
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, the company can receive resources from the Kentucky Skills Network.
“Kentucky’s manufacturers will be a driving force behind our effort to bounce back stronger than ever in the post-pandemic economy,” Governor Andy Beshear said. “Homegrown companies like Worldwide Technologies sit at the center of that effort. If we are going to continue to grow as a state, we need to support existing industries, particularly those in areas that have been underserved in the past. Worldwide Technologies will make a great addition to the Green County community, and I thank the company for its commitment to the commonwealth.”
Worldwide Technologies got its start with a single warehousing operation in Bowling Green employing five people and quickly grew to create over 50 jobs for residents in Southcentral Kentucky. In 2010, the company moved to a 27,000-square-foot facility in Simpson County, which has since served as its headquarters. The company has expanded the Simpson County plant to over 58,000 square feet with the potential for further expansion in the future.
Mike Griffiths, president of the Greensburg/Green County Industrial Foundation added, “We feel with their addition, the economic impact to our community is unlimited and will spur further growth. It has taken several years for the right fit to make a commitment to Greensburg, but we feel this is a great step in the right direction.”