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
Piramal Pharma Solutions Expands Lexington, Kentucky, Operations
10/04/2024
G&H Decoys Plans Corning, Arkansas, Headquarters-Manufacturing Operations
10/04/2024
Britain-Based Ultimate Defense Technologies Establishes Billings, Montana, Operations
10/04/2024
Google Plans Dorchester County, South Carolina, Data Center Operations
10/04/2024
Sirius Analysis Plans Virginia Beach, Virginia, Headquarters
10/04/2024
South Korea-Based ILJIN Plans Auburn, Alabama, Manufacturing Operations
10/04/2024
Most Read
-
Top States for Doing Business in 2024: A Continued Legacy of Excellence
Q3 2024
-
What the Latest EPA PFAS Rule Means for Site Due Diligence
Q3 2024
-
Cold Storage: The Next Big Thing in Industrial Real Estate
Q3 2024
-
2023 Top States for Doing Business Meet the Needs of Site Selectors
Q3 2023
-
The Challenge of Securing Sufficient Electrical Power for Battery Cell Plants
Q3 2024
-
2023's Leading Metro Locations: Hotspots of Economic Growth
Q4 2023
-
Semiconductors’ Fragile Relationship With Water May Be Tested
Q3 2024