Cabinet for Economic Development
Governor Beshear Participates in Ribbon Cutting for Shelby Industries in Shelbyville
Company’s expansion adds new equipment, 10 new, full-time jobs
SHELBYVILLE, Ky. (May 2, 2011) – Gov. Steve Beshear today joined community leaders and officials of Shelby Industries to participate in a ribbon cutting ceremony to celebrate the company’s recent expansion in Shelbyville. The project has added 10 new, full-time jobs to its employment base of 48 and resulted in a capital investment of $280,000.
“I’m pleased to celebrate this exciting milestone with Shelby Industries, one that represents success and growth of another Kentucky company,” said Gov. Beshear. “The addition of 10 new jobs is a positive outcome for the Shelbyville community and we are proud to have played a role in making it possible.”
Shelby Industries, which provides metal stamping, welding, assembly and plating operations for a variety of customers, has installed new equipment in its 110,000 square-foot facility in order to expand its customer base. The plant, located at 175 McDaniels Road since the 1970s, will now offer precision CNC machining services.
“Shelby Industries continues to make steady progress diversifying our business into new markets and vertically integrating our operation,” said Vivek Sarin, president and CEO of Shelby Industries. “We are thankful for all the support that the city of Shelbyville and Governor Beshear are giving us to strengthen our company and promote its future growth and prosperity. Our new venture is off to a great start!”
The Kentucky Economic Development Finance Authority preliminarily approved Shelby Industries for tax incentives up to $100,000 through the Kentucky Business Investment program. The performance-based incentive allows the company to keep a portion of its investment over a five-year period through corporate income tax credits and wage assessments by meeting job and investment targets.
“This investment is key in helping our community keep up with the changing economy of the 21st century,” said Sen. Paul Hornback, of Shelbyville. “It is important we welcome more investment to our area to improve the quality of life of Kentuckians for years to come.”
“Shelby Industries plays an important role in our economic livelihood,” said Rep. Brad Montell, of Shelbyville. “Today’s announcement is a resounding endorsement of the quality workers in Shelby County, which is evident by the company’s decision to invest $280,000 in our community and to create more jobs for our citizens.”
“On behalf of the city of Shelbyville, I want to congratulate Shelby Industries on their expansion,” said Shelbyville Mayor Thomas L. Hardesty. “Shelby Industries is adding equipment to its facility to provide precision CNC machining services. Along with these improvements, come new jobs for our community. I wish Shelby Industries continued success and prosperity in Shelby County.”
“Shelby County Fiscal Court is pleased to be part of Shelby Industries endeavors to expand its operation and employ 10 new positions for its company,” added Shelby County Judge Executive Rob Rothenburger.
For more information on Shelby Industries, visit www.shelbyindustries.com.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.
A detailed community profile for Shelbyville (Shelby County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=051.