SEATTLE (Scrap Monster): Hydro Aluminum Metals USA announced investment aimed at upgrading its Henderson, Kentucky plant.
According to company press release, the $15 million investment comprises installation of a new homogenization furnace to help the facility better serve the rising demand from the automotive market. It will also install a new baghouse, a state-of-the-art dust and gas collector to reduce air emissions. The work is expected to begin this month and is expected to be completed by September 2024.
The Kentucky Economic Development Finance Authority (KEDFA) has given preliminary approval for up to $1 million in tax incentives through the Kentucky Reinvestment Act (KRA). The funding is subject to investment of at least $8.8 million and retention of up to 56 full-time jobs at an average hourly wage of $49.80.
Commenting on the investment, Trond Gjellesvik, vice president of Hydro said that the proposed investment will boost the use of post-consumer scrap, thus promoting a circular economy and accelerating the green transformation of the aluminum and automotive industries. It will allow the company to recycle a broader range of materials, Gjellesvik added.
Sell Your Junk Car for CashGet an instant quote for your car on ScarpMonster.com