Stanley Engineered Fastening Plans $6 Million Expansion at Hopkinsville, Kentucky, Plant
The company plans to add 30,000 square feet to the existing 250,000-square-foot Hopkinsville facility, which will allow the operation to absorb another Stanley Engineered Fastening facility, grow the current business and expand into other products. Once complete, the expansion will elevate the plant's total employment to 205 workers. Work on the project will begin this month and is expected to conclude in July.
"We are proud to call Hopkinsville home and look forward to deepening our roots in the Bluegrass State," said Kent Shane, director of operations at Stanley Black & Decker. "The state and local community's leadership provides an environment for our business to thrive and our footprint to grow. This expansion furthers our commitment to both our customers and this community."
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program.
The performance-based agreement can provide up to $1,050,000 in tax incentives based on the company's investment of $5,985,000 and the following annual targets meeting the eligibility criteria of the program of creation and maintenance of 49 Kentucky-resident, full-time jobs across 15 years, and Paying an average hourly wage of $34 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. In addition, the company can receive resources from the Kentucky Skills Network.
"To build a better, economically stronger Kentucky that lifts up families in our commonwealth, my administration has put a priority on creating high-wage jobs. With this expansion, Stanley Engineered Fastening will do exactly that," Governor Andy Beshear said. "The company serves as a prime example of how Kentucky's manufacturing sector produces high-quality products that are used every day, while creating economic opportunities for Kentuckians. I sincerely appreciate what Stanley is doing in Hopkinsville and look forward to the company's continued growth there."
Stanley Engineered Fastening produces precision fasteners and other products used in assembly. The company serves a host of industries, including general manufacturing and automotive, two of Kentucky's mainstay sectors. Established in 1966, the Hopkinsville facility produces a variety of brackets, plugs, fasteners, inserts, bolts, nuts, rivets and screws. Since its opening, the plant has served as a vital part of the region's economy.
"We are excited to celebrate Stanley Engineered Fastening, part of the Stanley Black and Decker family, and its plans to expand the Hopkinsville facility and create more investment, opportunities and good-paying jobs for the awesome people of South Western Kentucky," said South Western Kentucky EDC Director Carter Hendricks. "We look forward to working with Stanley's team as well as our additional industry partners to ensure our region remains a vibrant, productive and business-friendly location for existing industries, future expansions and new opportunities."
In total, there are approximately 4,500 manufacturing operations in Kentucky, giving the commonwealth a nationally outsized role in the U.S. manufacturing sector. In fact, more than 13% of Kentucky's workforce is in manufacturing, compared with 8.5% nationally, according to the National Association of Manufacturers. Kentucky manufacturers employ nearly 260,000 people, accounting for one in six private-sector jobs in the commonwealth.
Boom in E-Commerce Creating Workforce Opportunities
Finding the Sweet Spot in Food Plant Location Decisions
Cold Storage Is Hotter Than Ever
2019 Leading Metro Locations: Pacific and South-Atlantic Metros Dominate the List
Expanded Incentives Support the Growth in Remote Work
34th Annual Corporate Survey & the 16th Annual Consultants Survey