Business

State OKs incentives for growing companies

The Kentucky Economic Development Finance Authority board approved several tax incentives for companies at its monthly meeting Thursday. In general, when a company is approved for tax incentives, 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 approvals:

Simba USA in Morehead, $800,000 to consolidate its golf-towel and accessories manufacturing operation. The company could expand the manufacturing and invest in a call and distribution center. The company estimates that the project would cost $2.25 million. It is expected to add 20 jobs that pay an average hourly wage of $13, including benefits.

Martinrea Heavy Stampings in Shelbyville, $3 million to produce metal stampings and assemblies for use at the Ford plant in Louisville. The company estimates that the expansion would cost $12 million. It is expected to add 150 jobs that pay an average hourly wage of $25, including benefits.

Hendrickson USA in Somerset, $3.2 million to expand manufacturing of semi-trailer axles and other parts. The company estimates that the expansion would cost $7.9 million. It is expected to add 160 jobs that pay an average hourly wage of $14.38, including benefits.

Alabama Wire Products in Elizabethtown, $280,000 to add a manufacturing line for a welded wire mesh product for the road construction industry. The company estimates that the expansion would cost $305,000. It is expected to add 20 jobs that pay an average hourly wage of $15, including benefits.

Republic Bank & Trust in Louisville, $720,000 to establish a mortgage warehouse lending division to provide services to mortgage banks and companies. The company estimates that the expansion would cost $2.4 million. It is expected to add 40 jobs that pay an average hourly wage of $25, including benefits.

Verst Group Logistics in Hebron, $500,000 to double the size of its facility to offer warehousing and packaging services. The company estimates that the expansion would cost $6.1 million. It is expected to add 25 jobs that pay an average hourly wage of $22, including benefits.

J.H. Fletcher & Company in Wurtland, $450,000 to open a facility to manufacture equipment used in the mining industry. The company estimates that the location would cost $3.4 million. It is expected to add 15 jobs that pay an average hourly wage of $18, including benefits.

SORD KY in Frankfort, $1.8 million to open a facility to manufacture military accessories. The company estimates that the project would cost $2.2 million. It is expected to add 81 jobs that pay an average hourly wage of $17.62, including benefits.

Other actions

Cooper-Standard Automotive in Mount Sterling was granted a 10-year extension to continue claiming incentives up to $39.4 million. The company plans to make an additional $3 million investment in its facility that will add 120 full-time jobs on top of the 310 already there.

Hitcents.com in Bowling Green was approved for a $150,000 forgivable loan. The company has developed a software system to increase productivity at companies and plans to use the funds to purchase computer equipment. It's expected to hire 10 new employees making $53,000 annually by the end of 2013.

■ The board also gave approval to modifying a grant approved in March 2006 for Secat Inc., a Lexington organization that provides technical research to the aluminum industry. The $850,000 grant came with requirements including creating three new full-time jobs paying at least $50,000 within three years of the grant being paid and maintaining them for at least another three years.

Secat's revenue dropped during the recession, and its leaders requested that it not be required to create all three jobs this year. Under the revised terms, which were approved by the board, Secat would have to create two jobs by the end of 2012 and three by the end of 2013. The agreement requires the company to repay $4,408 for coming up short as of March 30.

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