Zoltek Corp. Invests $15 million In St. Peters, Missouri, Manufacturing Facility
"Missouri's manufacturing sector continues to move our economy in the right direction, and this $15 million local investment by Zoltek is another example of that positive momentum," Gov. Jay Nixon said. "My administration will continue to work every day to hold the line on taxes and give businesses the tools they need to create jobs and grow our economy."
Zoltek said reported it entered the carbon fiber business in 1988, when the material was used strictly for aerospace applications and considered too cost-prohibitive to be used elsewhere. Company founder and CEO Zsolt Rumy identified this market opportunity and decided to form the company strategy around "commercializing" carbon fiber. By expanding product capacity and promoting new applications, Zoltek reported it has been able to lower the price of carbon fiber and expanded its use into other areas, including wind energy, the automotive industry, deepwater drilling and infrastructure reinforcement. The St. Peters expansion is representative of the corporation's commercialization strategy.
As an incentive to help Zoltek with its expansion plans, the state of Missouri authorized an economic incentive package worth $3.3 million. The package includes $1.5 million in Missouri BUILD and $1.7 million in Missouri Quality Jobs program tax credits, which the company can redeem provided it meets the requirements of each program. The state has also authorized $75,000 in Customized Training funding.
2019 Top States for Doing Business: Georgia Ranks #1 Sixth Year in a Row
Hot Jobs: Growing Industrial Sectors
Tips for Navigating Incentives in Site Selection Process
A Site Selector’s Checklist for Locating in the U.S.
Location USA 2019
Hiring Challenges Continue Throughout the U.S.
Where to Invest in the Booming Aerospace Manufacturing Industry
2019 Auto/Aero Site Guide