MAB Fabrication Eyes Walton, Kentucky, Manufacturing Plant
The company plans to locate in an existing 165,000-square-foot facility on Beaver Road. The location comes with MAB’s continued growth as the company looks to increase its manufacturing footprint and better serve customers throughout the U.S.
“We are looking forward to our move to Walton, Kentucky,” noted Tim Bischel, president of MAB Fabrication. “The relocation and new facility will allow us to meet our growth goals.”
“MAB Fabrication continues the trend of metals and manufacturing companies creating jobs in Kentucky as our economy roars back from this pandemic,” Governor Andy Beshear said. “This company is a welcome addition to the Northern Kentucky business community, and I hope to see its presence grow in our state for years to come. Thank you to the leaders of MAB for this commitment to the workforce in Boone County and the surrounding region. This new location again shows how Team Kentucky is creating a better future for Kentuckians throughout the commonwealth.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in May preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $250,000 in tax incentives based on the company’s investment of $6.9 million and annual targets of creation and maintenance of 24 Kentucky-resident, full-time jobs across 10 years and Paying an average hourly wage of $25 including benefits across those jobs.
“We’re happy we were able to work with MAB Fabrication to identify a larger facility that will accommodate their growth while retaining the company and jobs in the Cincinnati region,” said Lee Crume, president and CEO of Northern Kentucky Tri-ED. “Manufacturing is a strong sector in Northern Kentucky, and MAB Fabrication is a complement to our existing base.”
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.
Supply Chain Bottlenecks Creating New “Logistical Hotspots”
Changes in the Incentives Landscape
The “Great Resignation” Is Impacting Corporate Relocations
Workforce Q4 2021
Front Line: Finding, Creating, and Supporting Talent
2020 Top States for Doing Business Showcase Their Pro-Business Environments
Communicating Your Project’s Value to Local Stakeholders