Braidy Industries Inc. will build a $1.3 billion aluminum mill and create 550 advanced manufacturing jobs in Greenup County, Kentucky. The facility will produce sheet and plate for the automotive and aerospace industries.
The company will construct a 2.5 million square-foot aluminum mill on more than 300 acres near South Shore in Greenup County. The company expects construction to begin in early 2018 with completion in 2020. Construction will create about 1,000 jobs.
Initially, the facility will produce about 370,000 tons of aluminium per year for the automotive and aerospace industries, with opportunities to expand over time.
“Braidy Industries’ decision to locate in Eastern Kentucky has the potential to be as significant as any economic deal ever made in the history of Kentucky,” said Governor Matt Bevin.
“This $1.3 billion investment will create enormous opportunity for people in the region, and would not have been possible without our recently passed right-to-work legislation. I look forward to the success of Braidy Industries as they leverage the incredible work ethic found in Eastern Kentucky. The ripple effect of this investment will be significant and will produce positive change in the region for generations to come,” he added.
Craig Bouchard, Braidy Industries Chairman & CEO, said the new plant will both revitalize the region and raise the bar for aluminum production globally.
“Our team recognizes an opportunity to make incredible impacts both in the global aluminum industry and in bringing well-paying jobs to Eastern Kentucky in the heart of Appalachia,” Bouchard said. “The state’s willingness to partner closely with private industry makes this a prime location to found and grow our world-class and cutting-edge rolling mill.”
Kentucky Cabinet for Economic Development Secretary Terry Gill said the project holds the promise of transforming the region.
“Both in the immediacy and over the coming decades, Braidy Industries’ investment, and the jobs its high-tech mill will create, promise to make a tremendous positive impact on Greenup County and Kentucky’s eastern region,” Sec. Gill said. “In bringing us to today’s announcement, major efforts by local, regional and state partners, including the Legislature’s actions to improve Kentucky’s business climate, proved key. In its entirety, this work helps us deliver the clear message that Kentucky is open for business.”
To encourage the investment and job growth, Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $10 million 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, Braidy Industries can receive resources from the Kentucky Skills Network.