Germany-based Bilstein Cold Rolled Steel Plans $130 Million Manufacturing Center In Bowling Green, Kentucky
“On behalf of Bilstein Group I am excited to be here in Bowling Green today to celebrate the groundbreaking ceremony of our new production facility,” said Bilstein Group Managing Partner Marc T. Oehler. “This project is a significant step forward for our North American market strategy. The Bilstein Cold Rolled Steel LP facility will further accelerate our company’s global growth initiatives while providing our customers with demanding cold rolled strip products of the highest quality. The support we have received from the community, the Bowling Green Chamber and the local officials has been invaluable and I look forward to many, many years calling southcentral Kentucky our home.”
Founded in 1911 in Hagen, Germany, Bilstein processes over 600,000 tons of cold-rolled steel strip annually and employs more than 1,400 people worldwide. Bilstein North America Inc., established in 2009, maintains five warehouse locations in North America.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $3.5 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
Additionally, Bilstein was approved by KEDFA for $1.4 million 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 equipment.
Bilstein is also eligible to receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies are eligible to receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.
“The addition of internationally known automotive suppliers and metal processors such as BILSTEIN GROUP only reinforces our growing reputation as a hub for the automotive industry,” said Bowling Green Mayor Bruce Wilkerson. “We couldn’t be more pleased to celebrate the official groundbreaking of the Bilstein Group facility.”
“We couldn’t be happier to welcome Bilstein’s new investment in Kentucky,” said Governor Steve Beshear. “The Commonwealth maintains great relationships with German companies, and Bilstein’s addition reiterates the importance of those relationships. With 64 German-owned facilities employing 10,500 full-time workers across the state, it shows our efforts in attracting those companies to Kentucky make a positive impact.”
In Focus: “Golden Age” of Spec Development
Explosive Growth of Life Sciences Sector Comes with Challenges
Area Development’s 17th Annual Shovel Awards Recognize State and Local Economic Development Efforts — First Two Platinum Shovels Awarded
The 2021 Top States for Doing Business Reflect Their Locational Advantages
In Focus: Demand for Industrial Land Surges
36th Annual Corporate Survey: Executives Focus on Labor, Energy, Shipping Costs
The Evolution of the Megasite