MultiTech Industries Expands Franklin, Kentucky, Operations
The investment at the company's existing location at the Sanders Industrial Park will increase capacity to better serve customers and employees in the region.
“This marks another significant milestone for our company,” said MultiTech Industries President Anthony Falcone. “Our Franklin, Kentucky, plant expansion is in line with MultiTech’s commitment to be a global leading metal component manufacturing and assembly organization by marrying technology with advanced manufacturing capabilities executed by our best asset, our employees, that is the first choice in the marketplace.”
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $275,000 in tax incentives based on the company’s investment of $3.6 million and annual targets of creation and maintenance of 20 Kentucky-resident, full-time jobs across 10 years; and paying an average hourly wage of $27.24 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.
“October is Manufacturing Month in the commonwealth, and thanks to our world-class workforce and great companies investing in communities across the state, Kentucky’s industry is stronger than ever,” noted Governor Andy Beshear. “MultiTech Industries is an important part of the Franklin community, and I am excited to see them continue to grow and find success here in the commonwealth.”
In addition, MultiTech 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.
“We are very pleased that MultiTech has expanded at their facility in our Sanders Industrial Park,” added Franklin-Simpson Industrial Authority Chairman Gary Broady. “This Illinois-based company has been a great industry for our community, and we are glad to see them continue to grow.”
MultiTech Industries Inc. is a top provider of highly engineered metal components and assemblies. The company provides assembly operations, cold headed fasteners, stampings, machined components, wire forming, springs, engineering, distribution and inventory management to their customers.
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