Precision Tooling Products Expands Manufacturing Plant Graves County, Kentucky
12/19/2016
The company’s investment includes new equipment to increase production of suppressors for pistols and rifles at its facility near Mayfield. The project allows Precision Tooling Products to move from one shift of six employees to two-to-three shifts with 16 or more employees in the coming years.
“We are very excited to be able to invest in our local Graves County community. The exponential growth opportunity in the suppressor industry is immeasurable and we have new innovative ideas and designs to implement as well as a large market to supply,” said Tim Fulton, Co-owner of the company. “This expansion is instrumental in the growth of our company as well as our community. We are proud to be able to work with the Graves County Economic Development team and the State of Kentucky to further expand our manufacturing operations.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority in December preliminarily approved the company for tax incentives up to $200,000 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. Precision Tooling also can receive resources from the Kentucky Skills Network.
“Companies like Precision Tooling Products exemplify the manufacturing and engineering expertise that Kentucky is known for around the world,” Governor Matt Bevin said. “With this investment, the company will expand its customer base and, just as importantly, create jobs for Western Kentucky families. I congratulate Precision Tooling Products and look forward to their continued success.”
Project Announcements
Aegis Sortation Expands Louisville, Kentucky, Operations
04/26/2025
Process Machinery Expands Shelby County, Kentucky, Production Operations
04/26/2025
HL Mechatronics Expands Williams Township, Michigan, Operations
04/26/2025
Norplas Industries Expands Highland Park, Michigan, Operations
04/26/2025
General Dynamics Ordnance and Tactical Systems Establishes Camden, Arkansas, Operations
04/26/2025
Cyclic Materials Plans Mesa, Arizona, Recycling Operations
04/26/2025
Most Read
-
Run a Job Task Analysis
Q4 2024
-
The Location Economics of Advanced Nuclear
Q1 2025
-
39th Annual Corporate & 21st Annual Consultants Surveys: What Business Leaders and Consultants Are Saying About Site Selection
Q1 2025
-
NEW NIMBYism: A Threat to The U.S. Economy
Q4 2024
-
Power, Policy, and Site Selection in 2025
Q1 2025
-
Why Workforce Readiness Can’t Wait
Q1 2025
-
Designing Beyond the Assembly Line
Q1 2025