Setco Sales Co., a manufacturer of spindles and other precision parts and specialty products for the automotive and aerospace industries, will relocate its headquarters to Boone County, Kentucky. The project is expected to create 30 jobs in the coming years.
Currently based in Cincinnati, Setco’s move will allow the company to maintain its existing employee base of approximately 60. The new facility will expand Setco’s capacity to manufacture, repair and service high-performance precision spindles, a key part of CNC machining and many suspension-and-wheel-rotation systems, among an array of other applications.
“I wanted to express how excited Setco is to partner with the Commonwealth of Kentucky for our new global headquarters,” said Jim Broz, president at Setco. “This modern and expanded facility will serve as a platform for growth in the North American market and be our worldwide home for Setco’s global operations and management.”
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $700,000 in tax incentives based on the company’s investment of $6.25 million and annual job creation and wage targets.
“We’re happy to welcome Setco to the commonwealth. This exciting project supports several key industries in our state, while also creating great job opportunities for Kentucky residents,” Governor Andy Beshear said. “Setco also joins a growing list of companies that are finding Kentucky is a welcoming home to set up headquarters. Thank you to the leaders at Setco for this commitment and welcome to the commonwealth.”
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, Setco can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.
“We’re happy that Setco will continue to serve its automotive and aerospace industry customers from the Cincinnati region,” said Lee Crume, CEO of Northern Kentucky Tri-ED. “Hebron is an ideal location for new companies, with easy highway access, proximity to CVG and a talented machining employee base. Setco is bringing a good mix of well-paying office and manufacturing career opportunities to Boone County.”
Founded in 1912, Setco manufactures spindles, including belt-driven, geared, motorized, high-speed and high-frequency models. Its precision linear slides include dovetail, hardened way and linear rail slides in more than 20 sizes and hundreds of models. Setco primarily serves the automotive and aerospace sectors, as well as construction, die/mold, medical, plastics, woodworking, stone cutting and general metalworking industries. The company operates nine facilities globally, with operations in Michigan and Georgia, and locations in Mexico, India, Taiwan and China.