Crankshaft manufacturing plant approved for $2.5 million tax incentive

A business in Georgetown has been approved for tax incentives in a major expansion.

International Crankshaft Inc., a crankshaft manufacturer, has been approved for up to $2.5 million in tax incentives over the next 10 years, according to the Kentucky Cabinet for Economic Development. The tax incentive is for an expansion project for a new building that will cost more than $47.6 million. The expansion also includes the purchase of new equipment. The tax incentive received final approval last Thursday, after being preliminarily approved in 2013.

The project is intended to create 107 jobs that will pay about $23 an hour including employee benefits, according to the cabinet. The company, which began operations in 1992, hired about 330 people full-time last year, according to the cabinet.