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
Daisy Brand Plans Boone, Iowa, Production Operations
04/22/2024
Canfor Expands Fulton, Alabama, Production Operations
04/22/2024
Tucker Door & Trim Plans Henrico County, Virginia, Operations
04/19/2024
Zekelman Industries Expands Blytheville, Arkansas, Operations
04/19/2024
Fibrebond Corporation Expands Webster Parish, Louisiana, Operations
04/19/2024
Master Steel Expands Hardeeville, South Carolina, Operations
04/19/2024
Most Read
-
2023's Leading Metro Locations: Hotspots of Economic Growth
Q4 2023
-
2023 Top States for Doing Business Meet the Needs of Site Selectors
Q3 2023
-
38th Annual Corporate Survey: Are Unrealized Predictions of an Economic Slump Leading Small to Mid-Size Companies to Put Off Expansion Plans?
Q1 2024
-
Making Hybrid More Human in 2024
Q1 2024
-
Manufacturing Momentum Is Building
Q1 2024
-
20th Annual Consultants Survey: Clients Prioritize Access to Skilled Labor, Responsive State & Local Government
Q1 2024
-
Public-Private Partnerships Incentivize Industrial Development
Q1 2024