Precision Strip Inc., a metals processing company, will double its originally planned investment in Scotty’s Industrial Park in Bowling Green, Kentucky. The company will invest approximately $31.7 million and plans to create 31 full-time jobs.
The company processes, stores and delivers steel and aluminum for several markets, including the automotive, appliance, industrial products and beverage-can industries.
Precision Strip’s facility in Warren County will double with an 80,000-square-foot addition for a second slitting line. The facility opened in 2017 and currently employs 14 people. As originally announced in February 2016, the project included a $15.5 million investment and 15 new jobs.
According to state officials, Precision Strip’s leaders look to build on the success of their other Kentucky operation, which currently employs 121 people at its 308,000-square-foot facility in nearby Woodburn.
“After having been operational for only a year at our Bowling Green facility, it became clear that the south central Kentucky region was continuing to see healthy growth and investment in the markets we serve,” said Joe Wolf, president of Precision Strip. “As a result, we feel the addition of a state-of-the-art slitting line will help us continue to best serve our customers who need metals toll processing. We greatly appreciate the ongoing support we receive from the Chamber and the commonwealth of Kentucky on these projects that fuel economic growth.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in January 2016 preliminarily approved the company for " target="_blank" title="Louisiana Economic Development" class="areaArticleLink">tax incentives up to $300,000 through the Kentucky Business Investment program, (KBI). 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. Based on the larger project scope, the company may request a modification of its KBI agreement in the future.
Additionally, KEDFA approved Precision Strip for up to $100,000 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. Also, Precision Strip can receive resources from the Kentucky Skills Network.
“Already an exciting project when it was originally announced, this increase in investment and job creation only adds to the positive impact Precision Strip will have on the local economy,” Governor Matt Bevin said. “The company has processed quality products in Kentucky for nearly 25 years, and we are proud to welcome their expanded presence moving forward. Thanks to Precision Strip’s commitment to the commonwealth, many families in the Bowling Green region will benefit from new job opportunities.”
Bowling Green Mayor Bruce Wilkerson said “Precision Strip’s Bowling Green location is primed for growth,” Mayor Wilkerson said. “Situated among so many companies within the steel and aluminum industry, their future in our community is undoubtedly bright. I congratulate them on this first of many expansions.”
Bowling Green Area Chamber of Commerce President & CEO Ron Bunch said, “Precision Strip’s presence in south central Kentucky will only continue to grow with the global success of the aluminum and steel industry,” Bunch said. “We are delighted to celebrate the growth of their operations in Bowling Green and look forward to their continued success in our community.”