Governor Ernie Fletcher’s Communications Office
Chief of Staff Stan Cave Participates in Expansion Announcement for Summitt Molding and Engineering in Madisonville
FRANKFORT, KY – Governor Ernie Fletcher’s Chief of Staff Stan Cave joined local and company officials today in Madisonville to announce the expansion of Summitt Molding and Engineering. The industrial expansion will create 106 new jobs and represents an investment of $5.2 million in the commonwealth.
“We’re always excited when a new industry comes to Kentucky, but we’re especially proud when a company that already has operations here in the state decides to expand here as well,” said Cave. “This tells us – and more importantly, it tells the business community – that Kentucky is a good, solid, profitable place to do business.”
Summitt Molding and Engineering, a 15-year old molding and assembly plant, currently houses 24 employees at its 20,000 square-foot facility on Progress Drive. The company’s expansion includes the purchase of an additional 20,000 square-foot warehouse located adjacent to the property.
“It is exciting to know that Summitt Molding and Engineering is willing to commit to this additional investment in our area, increasing their work force from 20 to 126 in five years,” said Madisonville Mayor Karen Cunningham.
Phase I of the expansion will begin immediately with the addition of 24 employees. Phase II is scheduled to be completed by year’s end. Summitt Molding and Engineering’s capabilities include production injection molding, component subassembly and plastic part fabrication. The parts are all manufactured in the current facility and used in a number of industries across the state.
“The expansion of this existing industry is another example of the positive growth in our community’s economy,” said Danny Koon, Executive Director of the Madisonville-Hopkins County Economic Development Corporation. “We are pleased to offer our continued support as Summitt develops new jobs and opportunities in the area.”
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved Summitt Molding & Engineering for tax benefits up to $2.5 million under the Kentucky Rural Economic Development Act (KREDA), an incentive program designed to increase employment in the state. A community profile for Hopkins County can be found at the following link: http://www.thinkkentucky.com/edis/cmnty/cw/cw008/Location.htm.
The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for creating new jobs and new investment in the state. New business investment in Kentucky in 2005 totaled more than $1.6 billion with the creation of over 16,700 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at www.thinkkentucky.com.