Cabinet for Economic Development
Governor Beshear Announces Expansion of Wolf Steel USA, Inc. in Grant County
Project will create 18 new jobs and over $3.2 million investment in the Commonwealth
FRANKFORT, Ky. (August 24, 2009) – Gov. Steve Beshear today announced the expansion of Wolf Steel USA, Inc., a Grant County manufacturer of stoves, fireplaces, parts and accessories. The company will add 72,150 square feet to their existing 39,000 square-foot facility to increase warehousing, distribution and manufacturing space.
“We are delighted Wolf Steel USA has made the decision to further expand its Grant County operation, creating new jobs and additional investment in the Commonwealth,” said Gov. Beshear. “The expansion of our existing industries is vital to the growth of our economy, so we are pleased to have played a role in helping another Kentucky business succeed.”
The project is one of the first to be approved by the Kentucky Economic Development Finance Authority (KEDFA) under Kentucky’s new incentive program, the Kentucky Business Investment (KBI) Program. KEDFA preliminarily approved Wolf Steel USA for up to $360,000 in tax incentives, which can be earned over a 10-year period through corporate income tax credits and wage assessments. The maximum annual approved amount to be earned is $36,000.
The business incentive program is a result of Gov. Beshear’s Incentives for a New Kentucky legislation, sponsored by Rep. Tommy Thompson (D-Owensboro) and passed during the 2009 Extraordinary Session of the Kentucky General Assembly. The KBI program consolidates four incentive programs into a single, more flexible program for new and expanding businesses.
“We are proud to expand our facility in Kentucky as demand for our Napoleon Fireplaces and Gas Grills grows, and appreciate the help of the Kentucky Cabinet for Economic Development," said Stephen Schroeter, administration manager for Wolf Steel USA.
Wolf Steel USA anticipates the expansion to be complete March 2010, resulting in the initial creation of 15 new jobs growing to 18 over the term of the agreement. The project represents a capital investment of over $3.2 million in the Commonwealth.
KEDFA also approved Wolf Steel USA for tax benefits up to $66,400 under the Kentucky Enterprise Initiative Act, an incentive program that allows approved companies to recoup sales and use tax on building and construction materials, research and development equipment and electronic processing equipment.
“We are very excited that Wolf Steel USA has decided to make such a huge investment within our community,” said Crittenden Mayor Gayle Cayton. “The creation of 15 to 18 new jobs will definitely have a positive impact on our local economy.”
“Our future economic well-being is dependent upon job creation at home,” said Grant County Judge Executive Darrell Link. “We are proud that Wolf Steel continues to invest in Grant County and provide jobs for our young people. I am especially appreciative of the many partners that work with our business community including Governor Beshear, the Kentucky Cabinet for Economic Development, the Grant County Industrial Authority, and the city of Crittenden, all of whom played a large role in making this announcement a reality.”
A community profile for Grant County can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=107.