Eddie Kane Steel Products Plans Meade County, Kentucky, Steel Processing Plant
The company’s first Kentucky facility, planned to be finished before the end of 2022, will serve as a critical operations hub. Eddie Kane selected Kentucky for its newest location because of the state’s growing manufacturing industry and the logistical and diverse transportation advantages, state officials noted.
“We are very grateful and excited for the opportunity to be part of the steel community of Kentucky,” said Augustine F.X. Kane, founder and president of Eddie Kane Steel Products Inc. “I would especially like to thank David Pace of Meade County for his tireless efforts in helping us realize our goal of expanding our business operations in Kentucky."
Founded in 2000 and headquartered in New Jersey, Eddie Kane Steel currently employs more than 150 people at seven facilities located across Alabama, California, New Jersey, North Carolina and Ohio. The company distributes and processes carbon and alloy steel plate, and its customer partnerships include numerous diverse industries and infrastructure projects.
“Today’s announcement further demonstrates how Kentucky’s manufacturing prowess and logistics leadership are creating opportunities throughout our state,” Governor Andy Beshear said. “Eddie Kane Steel’s decision to locate its first Kentucky facility in Brandenburg adds to the strong economic momentum of the region and Kentucky as a whole as we add jobs and opportunity in every corner of the commonwealth. ”
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in July preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $450,000 in tax incentives based on the company’s investment of $4.8 million and annual targets of creation and maintenance of 25 Kentucky-resident, full-time jobs across 15 years and paying an average hourly wage of $33 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, Eddie Kane Steel can receive resources from the Kentucky Skills Network.
“We continue building a strong industrial presence in Meade County, and the addition of Eddie Kane Steel adds further momentum to that mission,” siad David Pace, chairman of the Meade County-Brandenburg Industrial Development Authority. “The company's investment serves as the latest evidence that these efforts are paying dividends.”
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