Cabinet for Economic Development
Gov. Beshear Announces 50 New Jobs Coming to Simpson County with Location of Premium Services and Expansion of Worldwide Technologies
Two companies investing a combined $1.6 million in the Commonwealth
FRANKLIN, Ky. (Sept. 19, 2011) – Governor Steve Beshear today joined community leaders and officials from Premium Services LLC and Worldwide Technologies in Simpson County to announce the two companies will add a total of 50 new jobs in Franklin. Premium Services has chosen Simpson County as the site of its new manufacturing facility, while Worldwide Technologies will expand its existing operations there. The companies will invest a combined $1.6 million in these projects.
“What an exciting day for Simpson County,” said Gov. Beshear. “With the location of Premium Services and the expansion of Worldwide Technologies, dozens of new jobs will be created in the community. These job-creation projects demonstrate Kentucky’s positive business climate and strong work ethic of the Simpson County workforce. The Commonwealth is pleased to help make these new investments possible.”
Premium Services grinds, welds and reworks products for customers in a wide range of fields, including the automotive industry. The company, which also has a facility in Glasgow, Ky., will acquire a 14,000-square-foot facility located at 1871 Industrial Bypass North for its newest manufacturing plant. The company will invest $655,000 and create 25 new jobs.
Worldwide Technologies, established in 2006, is a machine shop tool and die facility that performs machining operations for customers in several states. Products include brake and axle components, automotive cylinder heads, and extensive machine and repair services. The company will add 7,500 square feet to its existing 27,000-square-foot facility, investing $978,000. Additionally, Worldwide Technologies will add 25 new jobs to its existing employment base of 58.
“During times of financial crisis and the substantial shortage of jobs in America, we as employers have to be proactive and take any opportunity to help stimulate the market and stabilize our economy,” said Michael Jones, co-owner of Worldwide Technologies and Premium Services. “My partner and I feel that there is no better time than the present to take the first step in rebuilding that economy by expanding our businesses. We want to be a leader and an example for other small businesses in our community and state to take that leap of faith.”
The Kentucky Economic Development Finance Authority preliminarily approved Premium Services and Worldwide Technologies for tax incentives up to $350,000 each through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
“I have been in business in multiple communities in the Commonwealth of Kentucky, and Franklin is by far the friendliest place to do business,” Jones said. “The Industrial Board and Chamber of Commerce here are second to none in retention and recruitment. Without their support, this development would not be possible. We look forward to growing our business here and doing our part to help preserve our nation’s economy.”
“These companies’ investments in the county are a testimony to the excellent work ethic of our people,” said Sen. David Givens, of Greensburg. “I am proud that our community is the kind of place that has the resources both in workforce and in infrastructure to support these businesses.”
“I’m very happy to see these companies make these decisions, which could not come at a better time,” said Rep. Wilson Stone, of Scottsville. “It’s also further proof of the quality workforce we have in Simpson County. Worldwide Technologies has proven to be a great partner with our community, and I know Premium Services will play the same role.”
“On behalf of the city commission of Franklin, we are very grateful and thankful to have the opportunity to work with Gov. Steve Beshear and his cabinet by participating with the expansion of Worldwide Technologies and the new manufacturing facility for Premium Services in Franklin,” said Franklin Mayor Ronnie Clark.
“Simpson County is extremely pleased to have a new industry like Premium Services locate in our area during this time when the economy is tough in other parts of the country,” said Simpson County Judge-Executive Jim Henderson. “In addition, the expansion of Worldwide Technologies is further proof that industries can find good, productive labor in our community which allows them to grow and prosper.”
For more information on Premium Services, visit http://premiumservicesky.com.
For more information on Worldwide Technologies, visit www.wwt-bg.com.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky.
A detailed community profile for Franklin (Simpson County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=079.