Two expanding companies have chosen Kentucky to bolster their research-and-development efforts.
The Kentucky Economic Development Finance Authority recently approved forgivable loans and tax incentives for the firearm manufacturer Remington Arms Co. to expand its operations in Elizabethtown and the diesel engine manufacturer Pure Power Technologies, which intends to open in Bowling Green.
Remington Arms plans to hire 15 new employees on top of the 41 employed at its Hardin County facility to further its military and sports firearms research. Of those 15 new jobs, 13 are considered high-tech and will be paid an average annual salary of $59,500.
The $1.45 million project was approved for a $200,000 forgivable loan from the state. Under the terms of the agreement, the company pledges to hire the new workers by Sept. 30, 2012.
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The company was also approved for $340,000 in tax incentives under a different program that allows it to keep money it would otherwise pay in taxes over the course of a 10-year period. It was also approved for $66,000 in tax incentives under a program that allows expanding companies to recoup sales and use taxes levied on construction costs and various equipment.
The KEDFA board approved Pure Power Technologies, a wholly owned subsidiary of Navistar Inc., for a $100,000 forgivable loan to purchase equipment. The company will also spend $100,000 on equipment as part of its $884,440 project to develop clean engine controls and new ways to manage emissions. Under the terms of the agreement, the company will create 10 jobs paying $82,500 annually by the end of the year.
The company was also approved for $100,000 in tax incentives under a different program.