Chapin International Locates Manufacturing Facility in Mount Vernon, Kentucky
The company plans to relocate segments of existing operations in New York and Ohio to the 175,000-square-foot former Eagle Manufacturing facility in the Rockcastle Business Park. According to state officials, the new location will position the company to better serve customers throughout North America.
“Chapin Manufacturing is excited to be standing up a new operation in Rockcastle, Kentucky,” said Jim Campbell, Chapin’s president and CEO. “There were many moving parts that included purchasing this 175,000-square-foot facility. The town, county and the state of Kentucky did an amazing job in bringing the project to conclusion in just under 10 days. We look forward to our part in growing American manufacturing in the great state of Kentucky.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority recently preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $1 million in tax incentives based on the company’s investment of $5.495 million and provides for annual targets of creating and maintaining 100 Kentucky-resident, full-time jobs over 10 years and paying an average hourly wage of $22.40 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.
Additionally, KEDFA approved Chapin 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. Chapin also can receive resources from the Kentucky Skills Network.
“This is another example of people coming together to build a better Kentucky and create an even stronger economy,” Governor Andy Beshear said. “This project came together incredibly quickly, and I want to thank everyone, including our state and local economic development teams, who quickly worked to meet Chapin’s needs in such a short period of time and bring these jobs to Rockcastle County. We welcome Chapin International to Kentucky.”
According to state economic development officials, for many manufacturers, Kentucky provides a strategic location from which to distribute products. As the logistics center of the eastern U.S., the commonwealth is located within 600 miles of two-thirds of the nation’s population, state officials noted. Kentucky is home to three global air-cargo hubs, with 20 interstates and controlled-access parkways, over 2,600 miles of freight rail and more than 1,900 miles of navigable waterways. Due in considerable part to its logistics advantages, Kentucky is a major manufacturing center. Approximately 4,500 manufacturing facilities operate in the commonwealth.
Jeff VanHook, executive director of the Rockcastle County Industrial Development Authority, said he hopes there is more to come for the community’s newest manufacturer. “We’re excited to have the opportunity to continue development in Rockcastle County with Chapin International. We look forward to future expansions,” VanHook added. “RCIDA appreciates the close collaboration between the Kentucky Cabinet for Economic Development, Southeastern Kentucky Economic Development and Jackson Energy Cooperative.”
Vigilent Labs Plans $104.6 Million Headquarters & Operations Campus in North Charleston, South Carolina
Glock Manufacturer GS Performance Relocates Headquarters & Operations to Nashville, Tennessee
The New Normal in the Automotive Supply Chain
2020 Auto/Aero Site Guide
Why are Foreign Trade Zones Making a Comeback?
2019 Top States for Doing Business: Georgia Ranks #1 Sixth Year in a Row
34th Annual Corporate Survey & the 16th Annual Consultants Survey
Infrastructure Investment as an Economic Stimulus Tool
The Next Recovery: Regional Leaders & Laggards