Superior Composites Co Begins Expansion Of Vanceburg, Kentucky, Plant
The company will add 20,000 square feet to its existing facility for a total of 156,000 square feet. Company leaders expect to complete the expansion by summer’s end.
“We appreciate the extraordinary support provided by the Commonwealth of Kentucky, Lewis County and the City of Vanceburg,” said Kenn Moritz, CEO of Superior Composites. “We are very proud to be expanding right here in Lewis County.”
“The expansion will serve the growing needs of our customers and enhance Superior Composites’ continued leadership in manufacturing glass reinforcement mat and veils for the global composites industry,” added Jason Takac, COO of Superior Composites.
The project comes less than a year after Superior Composites was spun off as an independent business and will position the company for long-term growth. The plant produces continuous filament glass fiber reinforcements and veils used in a variety of markets in the global composites industry. Customers use its products to make automotive and transportation components, specialty pipe for oil, gas and chemicals transmission, composite window and door frames, marine components and many other end-use products.
“Superior Composites’ decision to expand in Kentucky reinforces the fact that our state continues to be a national leader in manufacturing growth,” said Governor Matt Bevin. “Our business climate, skilled workforce, low utility costs, and location advantages give manufacturers the competitive edge they need. We are pleased and grateful that Superior Composites will continue investing in the Commonwealth and will create many new jobs for the northeast Kentucky region.”
To encourage the company’s investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) at its May 2015 meeting preliminarily approved Superior Composites for tax incentives up to $500,000 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.
Additionally, KEDFA approved Superior Composites for up to $50,000 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. Superior Composites can also 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.
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