Cabinet for Economic Development
Governor Beshear Announces Expansion of Bekaert Corporation in Shelbyville
Longstanding manufacturer to create 10 new jobs, invest more than $2 million
FRANKFORT, Ky. (March 9, 2010) – Gov. Steve Beshear and Cabinet for Economic Development Secretary Larry Hayes today announced the expansion of Bekaert Corporation in Shelbyville. The company, which manufactures drawn steel wire products, will create 10 new jobs as a result of the expansion and invest more than $2 million in the Commonwealth.
“Kentucky is pleased that Bekaert, a company that has called the Bluegrass State home for 20 years, is once again investing in the Commonwealth,” said Gov. Beshear. “The creation of 10 new jobs and a capital investment in excess of $2 million will provide a much welcomed economic boost in the community.”
Located in Shelby County since 1990, Bekaert plans to add a hot-dip galvanizing line to its 260,000 square-foot plant. The process provides corrosion protection for wire used in exposed environments. Currently, the Shelbyville plant employs 101 full-time Kentuckians.
“Bekaert is thrilled that its business is growing and creating an opportunity for us to further invest in our plant here in Shelbyville, Kentucky,” said Kendall Hall, plant manager of Bekaert Corporation in Shelbyville. “The location of this plant is strategic for Bekaert to serve many of its customers up and down the eastern part of the United States and Canada, and we are very pleased with the support we’ve been receiving from the Commonwealth of Kentucky.”
Bekaert’s wire products are used in a variety of applications such as staples, paper clips, nails, spiral notebook wire, concrete and automotive uses. In fact, one in every four tires in the world runs on Bekaert steel cord. The company employs 23,000 people worldwide and serves customers in 120 countries.
The Kentucky Economic Development Finance Authority preliminarily approved Bekaert Corporation for tax incentives up to $200,000 through the Kentucky Business Investment program. The incentive can be earned over a five-year period through corporate income tax credits and wage assessments. The maximum annual approved amount to be earned by Bekaert is $40,000.
The Bluegrass State Skills Corporation (BSSC), the workforce training arm of the Cabinet for Economic Development, also approved a grant-in-aid package for Bekaert to provide skills training for its new and existing employees.
“On behalf of the city of Shelbyville, I want to congratulate Bekaert on the future upgrade of their wire coating process,” said Shelbyville Mayor Thomas L. Hardesty. “It is exciting to learn they will be adding 10 employees and be able to utilize BSSC for employee training. I wish them continued success and prosperity in Shelby County.”
“Shelby County Fiscal Court is extremely excited to be able to team with Bekaert Corporation to add the hot dip galvanizing line, which will diversity operations in the plant and create several full-time and temporary positions,” said Shelby County Judge Executive Rob Rothenburger.
Visit www.bekaert.com for more information about Bekaert Corporation.
A community profile for Shelby County can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=051.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.