Cabinet for Economic Development
Governor Beshear Announces Expansion of Caldwell Tanks in Louisville
Manufacturer of steel storage tanks will create 15 new jobs, invest $3.9 million
FRANKFORT, Ky. (March 19, 2010) – Gov. Steve Beshear and Cabinet for Economic Development Cabinet Secretary Larry Hayes today announced the expansion of Caldwell Tanks in Louisville. The company, which manufactures steel storage tanks, will create 15 new jobs as a result of the expansion and invest $3.9 million in the Commonwealth.
“Kentucky is proud to be the longstanding home to a company such as Caldwell Tanks, whose products can be found in communities across the nation,” said Gov. Beshear. “We’re pleased to play a vital role in helping to secure the 15 new jobs and $3.9 million investment that Caldwell’s expansion represents and will continue to assist the company as they grow in Louisville.”
Established in 1887, Caldwell Tanks builds customized water tanks, industrial field erected tanks and vertical concrete storage structures throughout North America. The company’s broad capabilities allow turn-key design, fabrication, and construction for the water, wastewater, grain, coal, and process power and energy industries.
Caldwell Tanks plans to add 33,000 square-feet to its existing 180,000 square-foot facility, located at 4000 Tower Road in Louisville, to accommodate the expansion. The plant currently employs 206 people.
“We are looking forward to the upcoming phases of this expansion and are proud to be adding employment in today’s economy,” said Barry Geswein, chief financial officer of Caldwell Tanks.
The Kentucky Economic Development Finance Authority preliminarily approved Caldwell Tanks for tax incentives up to $300,000 through the Kentucky Business Investment program. The incentive can be earned over a 10-year period through corporate income tax credits and wage assessments. The maximum annual approved amount to be earned by Caldwell Tanks is $30,000.
“Caldwell Tanks is an established Louisville company that makes quality products – and its signature water towers are visible across the nation,” said Louisville Mayor Jerry Abramson. “This expansion will not only create jobs for the city, it will ensure that Caldwell remains competitive in the marketplace.”
“Caldwell Tanks has a long history of success in Louisville,” said Joe Reagan, president & CEO of Greater Louisville Inc. – the Metro Chamber of Commerce. “We were pleased to help the company with its growth and expansion plans.”
A detailed community profile for Louisville (Jefferson County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=091. Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.