Cabinet for Economic Development
Governor Beshear Announces Expansion of Stephens Pipe and Steel in Russell Springs
Company to create 25 new jobs, invest more than $1.1 million
RUSSELL SPRINGS, Ky. (June 17, 2010) – Gov. Steve Beshear today joined company and community leaders in Russell Springs to announce the expansion of Stephens Pipe and Steel, a manufacturer of fencing products. The expansion will entail an investment of more than $1.1 million and will create 25 new jobs in the community.
“The expansion of Stephens Pipe and Steel is a most welcome development for Russell Springs and the Commonwealth, creating 25 new jobs and a capital investment in excess of $1.1 million,” said Gov. Beshear. “Kentucky is pleased to partner with Stephens Pipe and Steel to make this project possible and we look forward to their continued success and growth.”
Stephens Pipe and Steel has purchased a 20,000 square-foot facility to serve its existing Russell County facility, which is located at 2224 East Highway 619. The new operation will vinyl coat galvanized wire used to manufacture the chain-link fencing products currently produced in Russell Springs.
“The past 18 month has been the most challenging since we opened Stephens Pipe nearly 36 years ago,” said Ted Eysenbach, general manager of Stephens Pipe and Steel. “During that time many customers have laid off most of their employees or ceased operations altogether. Therefore, it is gratifying that the Governor and the Legislature recognize and value the efforts of existing companies such as ours, and have created incentive programs that enable us to move forward. Because of the Kentucky Business Investment Program, we will be hiring 25 new employees to staff this new operation right here in our hometown. That’s progress.”
The Kentucky Economic Development Finance Authority preliminarily approved Stephens Pipe and Steel for tax incentives up to $500,000 through the Kentucky Business Investment program. The incentive can be earned over a 15-year period through corporate income tax credits and wage assessments.
“I would like to express my appreciation to Stephens Pipe and Steel for bringing new job opportunities to Russell County,” said Mickey Garner, Russell County Judge Executive. “We are very fortunate to have Terry Stephens, who grew up in Russell County and cares enough about the community to invest his company’s resources to make it a great place to live and work.”
“We can justifiably point with pride to Stephens Pipe and Steel and it president, Mr. Terry Stephens, for their innovative approach to manufacturing,” said Mayor Hollis DeHart, city of Russell Springs. “Mr. Stephens was born and raised in Russell County and we are extremely proud of him. He has taken a small local business and developed Stephens Pipe and Steel into one of the largest industries of its kind in the United States. Stephens Pipe and Steel is an integral part of this community and we look forward to many more years of progress and growth.”
“Russell County is fortunate that Stephens Pipe and Steel, a home-grown industry, is adding 25 new jobs to the local economy,” added Jamestown Mayor R. Brooks Bates. “The entire community is appreciative that Terry Stephens demonstrates confidence in investing his company’s resources to make Russell County a viable and dynamic place to work and live.”
A detailed community profile for Russell Springs (Russell County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=077. Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.