HOPKINSVILLE, KY (12/06/11) – Governor Steve Beshear today joined community leaders and officials from Plymouth Tube Company to announce the company will make a more than $12.1 million investment in its 130,000-square-foot Hopkinsville plant, allowing it to meet customer demand and retain its existing 93 employees.
Plymouth Tube Co. has indicated that without this investment and tax incentives, the facility would not be able to meet the expected demand, forcing the company to invest into one of its other facilities.
“By making this significant investment, Plymouth Tube will continue to have a big impact on the Hopkinsville community,” Gov. Beshear said. “Securing the ongoing operations of our Kentucky industries and our existing workforces has been an important focus of our economic development efforts. Through programs such as the Kentucky Reinvestment Act, we’re able to partner with Kentucky businesses to help keep them competitive and prosperous right here in the Commonwealth.”
Established in 1924, Plymouth opened its Hopkinsville facility in 1980. Today the company makes extruded stainless, titanium, nickel alloy, carbon and carbon alloy shapes for a variety of markets, including the aerospace, defense, energy and commercial industries. Plymouth is a preferred supplier to Boeing, the world’s largest aerospace company.
The significant investment is necessary in order for Plymouth to meet customer demand for a new product line that will increase production capacity of the titanium extrusion business for commercial aircraft. Plans include adding a third shift, additional floor space, and new precision machinery and equipment. Existing employees will also receive additional training.
“We are very happy that the Commonwealth of Kentucky is partnering with us in this exciting expansion of our business here in Hopkinsville,” said Donald C. Van Pelt, Jr., president and CEO, Plymouth Tube. “The Hopkinsville plant has been successful since its early days, due to the quality and drive of the people here and their ability to make challenging super critical components for aerospace and industrial customers.”
To encourage the investment in Hopkinsville, the Kentucky Economic Development Finance Authority preliminarily approved Plymouth Tube for tax incentives up to $1 million through the Kentucky Reinvestment Act (KRA). KRA is designed to assist companies that need to make significant capital investment in Kentucky facilities in order to remain competitive.
“I am honored to be a part of such an exciting announcement,” said Sen. Joey Pendleton, of Hopkinsville. “Plymouth Tube is a good corporate friend, and I am pleased with their decision to update and expand their facility. This investment by Plymouth Tube will not only retain 93 existing jobs but will offer new opportunities for additional positions when the new product line is complete. Plymouth Tube continues to enhance our position as a prime location for innovative businesses. Gov. Beshear shows his continued leadership in job creation by supporting this excellent industry. Thank you, Governor.”
“I’m certainly pleased to see Plymouth Tube take this step to put down deeper roots in our community,” said Rep. John Tilley, of Hopkinsville. “I’m also glad the state could play a role in helping to make this possible. In a way, this announcement is like an early Christmas present.”
“Plymouth Tube is a valued corporate citizen of Hopkinsville, and we congratulate them on their growth and expansion,” said Hopkinsville Mayor Dan Kemp. “We look forward to many more years of growth and prosperity with Plymouth.”
“Plymouth has been a member of our community for over 30 years,” said Christian County Judge-Executive Steve Tribble. “Their contribution to Christian County and our region does not go unnoticed. We appreciate the high-paying jobs they provide our citizens and economic impact they make on Christian County.”
For more information on Plymouth Tube, visit www.plymouth.com.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky.
A detailed community profile for Hopkinsville (Christian County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=020
Information provided by the office of Gov. Steve Beshear
© Copyright 2015 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.
|< Prev||Next >|