STOBER Drives Expands Maysville, Kentucky, Manufacturing Complex
The investment will allow the company to double the acreage of its current facility to 14 acres. The expansion will include the addition of equipment to help increase manufacturing operations, as well as conversion of a portion of the current office space to become an employee training facility.
“At STOBER, we are extremely fortunate to have chosen Maysville, Kentucky, as our North American manufacturing location more than 30 years ago,” said Peter Feil, STOBER’s general manager. “We have benefitted from an awesome workforce here in Maysville, as well as great support from local and state government. Our proximity to Maysville Community and Technical College, as well as Morehead State University and Northern Kentucky University, has allowed us to provide great educational opportunities to our employees. These institutions have been instrumental in supporting our thriving apprenticeship program, for instance. We are very proud to call Maysville and Kentucky home, and we look forward to a bright future as we continue to expand here in Maysville.”
The Kentucky Economic Development Finance Authority (KEDFA) in June preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $525,000 in tax incentives based on the company’s investment of $5 million and annual targets of creation and maintenance of 35 Kentucky-resident, full-time jobs across 15 years, and paying an average hourly wage of $20.25 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, STOBER Drives can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
“Kentucky has created an environment that supports businesses looking to expand their manufacturing operations, and once again, we’re reaping the benefits in investment and great jobs,” said Governor Andy Beshear. “STOBER Drives Inc. is a great company producing high-quality products right here in the commonwealth for customers all over the world. I want to thank STOBER leadership for their continued belief in Kentucky and all it has to offer, and I look forward to the company’s continued success.”
STOBER Drives is a world leader in the manufacture of gearboxes and servo motors. In 1993, STOBER succeeded as the first supplier in the world to directly marry high-precision planetary gear units with dynamic servo motors. Today, the company produces NEMA gear units, inline servo gear units, right angle gear units and rack and pinion drives to serve industries such as aerospace, automotive manufacturing, packaging, robotics and food processing.
“STOBER Drives is truly an outstanding and forward-thinking company here in Maysville. STOBER’s success rests in their workforce practices. They can continue to grow and thrive at rates unprecedented due to their understanding of human motivation,” added Jodi Ashby, executive director of the Maysville-Mason County Industrial Development Authority. “They are very purposeful in people management for the greatest long-term return on investment for everyone. I am personally excited for this to be my first official expansion announcement since accepting the role of executive director of MMCIDA, and it is a proud moment for all of us. Working with the STOBER team continues to be a joy, and I look forward to their future expansions and innovations. This is just one of many milestones to come for STOBER and Maysville.”
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