Worldwide Technologies Plans Glasgow, Kentucky, Manufacturing Plant
The investment will include site improvements and new welding equipment. The facility will produce precision machined products, including heavy truck, defense and medical parts.
“We have been doing business in Kentucky for over 12 years, and we are extremely excited about growing and expanding our presence in the commonwealth,” Mike Jones, co-founder of Worldwide Technologies, said. “I want to thank the city of Glasgow, Barren County, and all local and state officials who helped make this expansion possible. Worldwide Technologies is thrilled for this new opportunity.”
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $150,000 in tax incentives based on the company’s investment of $1.2 million and annual targets of creation and maintenance of 16 Kentucky-resident, full-time jobs across 10 years and paying an average hourly wage of $27 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.
“One reason we are experiencing unprecedented economic momentum throughout the state is Kentucky companies continue to reinvest in Kentucky,” Governor Andy Beshear said. “Not only are we attracting quality international companies and companies from around the country, we are also growing and expanding the businesses that were born in our backyard. I want to thank Worldwide Technologies’ leaders for their support in the commonwealth and look forward to their continued success.”
In addition, Worldwide Technologies 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.
“Worldwide Technologies has a proven track record of providing quality products and services to over 50 customers worldwide,” added Maureen Carpenter, president and CEO of the Barren County Economic Authority. “We look forward to working with this thriving business as they invest in Barren County.”
The new location is the second announced in Kentucky by Worldwide Technologies within the past 16 months. In 2021, the company announced a $1.42 million investment in Greensburg creating 25 full-time jobs.
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