NEO Industries Expands Ohio County, Kentucky, Operations
The 30,000-square-foot expansion will allow for additional capacity to chrome plate rolls and for the installation of a high-precision grinder and polisher, helping the company directly service the electric vehicle battery industry.
“NEO Industries is excited to further the growth and economic success of Kentucky,” said Ladislav Halaj, NEO Industries’ service center operations vice president. “With this latest investment in the Bluegrass State, our expanding manufacturing capabilities in our plant will help support the growing EV battery market by supplying new technology and job opportunities for Ohio County. We greatly appreciate the support from our local leaders as well as the Kentucky Cabinet for Economic Development.”
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $500,000 in tax incentives based on the company’s investment of $12.4 million and annual targets of creation and maintenance of 20 Kentucky-resident, full-time jobs across 15 years; and paying an average hourly wage of $40 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.
“Kentucky’s manufacturing sector continues to see unprecedented growth, creating well-paying job opportunities for communities throughout the commonwealth,” noted Governor Andy Beshear. “NEO Industries has been serving the Kentucky manufacturing industry for over three decades, and the company’s commitment to expand and service the growing EV battery industry will further strengthen Kentucky’s position as a national leader in this market. I want to thank NEO’s leadership and look forward to their continued success in the commonwealth.”
In addition, NEO Industries 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.
“The Ohio County Economic Development Alliance proudly supports the expansion project at NEO Industries,” added Jason Chinn, executive director of the Ohio County Economic Development Alliance. “NEO’s innovative technology and ongoing commitment to stay ahead in this fast-moving industry make it the worldwide leader in work roll surface technology. Plant Manager Bob Lellie and his team have done a fantastic job!”
Neo Industries is a leader in surface technology for work rolls in steel and aluminum manufacturing and press rolls for material of anode and cathode manufacturing.
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