Gov. Steve Beshear announced Tuesday that a manufacturing facility in Lakewood, N.J., plans to move to Georgetown.
The relocation of Vogelsang Corp., which makes steel-based products such as roll pins, coil pins, hydro-bushings, weld-eye rings and agricultural bushings, is expected to create 43 full-time jobs. It also could create a capital investment of about $3.5 million for Kentucky, Beshear's office said Tuesday.
No information was available Tuesday about when the company would open.
The 97,500-square-foot facility will be in the former Johnson Controls building on Main Street Extended.
"We are pleased to partner with Vogelsang and the Scott County community to make this project possible," Beshear said.
The company's customers primarily are in the mid-south region of the United States and include more than 2,000 distributors, according to Beshear's office.
Dale Stuban, Vogelsang's managing director, said the company has operated for 38 years in one of the most expensive states in America. By relocating to Kentucky, he said, Vogelsang can become more competitive in the automotive sector and find employees with automotive-based training.
"We are extremely pleased with the cooperation the state of Kentucky has shown, along with the tremendous incentive package," Stuban said in a news release.
The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives of up to $900,000 through the Kentucky Business Investment program. Beshear's office said the incentive can be earned over 10 years through corporate income tax credits and wage assessment.
Georgetown Mayor Karen Tingle-Sames said the news was a good sign for businesses to consider making Georgetown home. And the move comes in the middle of a poor economy and ongoing budget concerns.
"This couldn't be any better timing for our community," Tingle-Sames said. "We hope that they grow and expand here and we have a great relationship with them just like we've had with Toyota."