Cabinet for Economic Development
Governor Beshear, Mayor Abramson Announce Olin Brass to Move Company Headquarters to Louisville
FRANKFORT, Ky. (Dec. 22, 2010) – Gov. Steve Beshear and Louisville Mayor Jerry Abramson today announced GBC Metals LLC, doing business as Olin Brass, will establish its new headquarters in Louisville. The move will create up to 39 new full-time, professional jobs over the next several years in the Commonwealth.
“Kentucky is proud to welcome Olin Brass as its newest corporate citizen,” said Gov. Beshear. “This new headquarters operation, which will create up to 39 new jobs, is yet another positive example of the success we’re having in attracting headquarter operations to the state. We look forward to working with Olin Brass as they establish their roots and grow in the Commonwealth.”
Olin Brass is a leading manufacturer of copper and copper-alloy sheet, strip, plate, foil, and fabricated products. The company is relocating its headquarters from East Alton, Ill., to a site yet to be determined in Louisville. Olin Brass plans a gradual transition of roles and business functions throughout next year and expects the new headquarters to be in full operation by the end of 2011.
“Relocating the most direct customer-facing and supply chain roles, along with select strategic roles, to a more independent environment will continue to drive the transformational change we embarked on earlier this year and will better position our company for future growth,” said John J. Wasz, president of Olin Brass. “It will strengthen our ability to lead this organization commercially, broaden our analysis horizon, and advance the development of systematic and controlled business processes across our company.”
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved Olin Brass for tax incentive benefits up to $1.8 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investments over a 10-year period through corporate income tax credits and wage assessments by meeting job and investment targets.
“We are excited that Olin Brass has chosen Louisville for its new global headquarters,” said Mayor Abramson. “Olin Brass joins a growing list of more than 14 companies in the past five years that have decided to bring jobs and headquarters to our hometown.”
“The decision of Olin Brass to relocate their headquarters to Louisville is further evidence of the robust business environment which exists in this city,” added Joe Reagan, president & CEO of Greater Louisville Inc. - the Metro Chamber of Commerce. “We are excited to welcome this strong corporate citizen to Possibility City, and we look forward to the positive impact this move will have on their company and our city.”
Further information about Olin Brass can be accessed at www.olinbrass.com .
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.