The Kentucky Economic Development Finance Authority board approved tax incentives at its monthly meeting Thursday for companies, including Pilkington North America and Stanley Black & Decker, that are considering new investments in the state. The approval of tax incentives outlines the state's commitment to a project should it occur in Kentucky.
In general, when a company accepts the tax incentive, it can keep that amount of money, which it would otherwise pay in taxes, assuming it fulfills the terms of the deal. Here are selected board preliminary approvals, unless otherwise noted:
■ Pilkington North America in Versailles, $1.1 million to expand its factory that produces glass for the automotive and building markets. The company estimates the expansion will cost $55.3 million. It is expected to add 56 jobs that pay an average hourly wage of $17, including benefits. The company was also approved for an additional $100,000 in tax incentives under a different program.
■ Stanley Black & Decker in Shelbyville, $500,000 to expand its factory and install equipment from other sites to produce saw blades and other products. The company estimates the expansion will cost $2 million. It is expected to add 51 jobs that pay an average hourly wage of $21, including benefits.
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■ Innovative Manufacturing Services in Glasgow, $500,000 to move to a larger facility. The company makes industrial controls and conveyors. It estimates the expansion will cost $710,000. It is expected to add 25 jobs that pay an average hourly wage of $25, including benefits.
■ American Wood Fibers in Lebanon, $200,000 to expand its product lines to include paper-based animal bedding. The company estimates the expansion will cost $207,000. It is expected to add 12 jobs that pay an average hourly wage of $15, including benefits.
■ Hill's Pet Nutrition in Bowling Green, $8.3 million to install new equipment to continue to produce lines of pet food. The company estimates the investment will cost $25 million. The incentives come from the Kentucky Reinvestment Act, which does not require job creation. However, the company is required to retain 95 percent of the current 150-person work force.
■ Gator Made in Somerset, final approval of $300,000 for an expansion of its operations that produce utility trailers, goosenecks and cargo trailers. The company initially estimated the expansion cost $300,000. It is to add 15 jobs that pay an average hourly wage of $12.51, including benefits.
■ The board also gave its approval for Kentucky Highlands Investment Corp. to receive a $15,000 grant from the state's High-Tech Investment Pool to assist in a $417,200 project to build more energy-efficient temporary classrooms for schools. The work is similar to a past partnership between Kentucky Highlands and the University of Kentucky to use under-utilized houseboat manufacturing facilities in Southeastern Kentucky to build manufactured homes.