TEBCO Plans $2 Million Manufacturing Plant in Stanton, Kentucky
Located at 100 Reed Court in Stanton, the new 40,000-square-foot operation will allow TEBCO of Kentucky to better support its rapidly growing customer base. The operation will use state-of-the-art manufacturing equipment for steel and aluminum cutting and forming as well as provide in-house engineering space. The new location could increase the company’s current production capacity by four times in the coming years, while also improving quality control measures. Company leaders anticipate the facility will be operational by Q3 2020.
“Despite these difficult and uncertain times, TEBCO of Kentucky’s management team remains confident about the future and is pleased to announce this expansion of our current operations,” said Brandon Faulkner, vice president and general manager of TEBCO of Kentucky. “We are grateful to Governor Beshear, the commonwealth of Kentucky, Powell County, the city of Stanton, Powell County Industrial Development Authority and state agencies such as the Kentucky Economic Development Financing Authority and the Kentucky Skills Network for their support of this project. We would also like to thank Madison County and the city of Richmond for their unwavering support and assistance over the years. We look forward to creating new innovative products in the dump truck body market as well as other markets, increasing service to new and existing customers, and creating new employment opportunities for nearly 50 Kentucky families in the Eastern Kentucky region.”
Headquartered in Richmond, TEBCO of Kentucky was established in 1991 to produce custom dump truck bodies and other truck equipment. In addition to its Richmond facility, the family-owned company operates a location in Winchester. TEBCO of Kentucky currently employs approximately 50 Kentuckians and serves a range of industries including mining, aggregate and construction and industrial among others.
“Ensuring Kentuckians have quality job opportunities is perhaps more important than ever, and we at the state level are doing all we can to create and strengthen new and existing business relationships to make that possible,” Governor Andy Beshear said. “TEBCO of Kentucky has been a reliable employer in the commonwealth for nearly 30 years, and its continued growth is a clear boost to the Eastern Kentucky region. Our thanks go to the company for its commitment to the state and its dedicated workforce.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in March preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $750,000 in tax incentives based on the company’s investment of $2 million and annual targets of creation and maintenance of 43 Kentucky-resident, full-time jobs across 15 years and paying an average hourly wage of $17 including benefits across those jobs.
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, TEBCO can receive resources from the Kentucky Skills Network.
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