Vista Metals Will Invest $60M in Kentucky Facility

SEATTLE (Scrap Monster):  Vista Metals will invest $60 million to establish a new specialty aluminum products operation in Bowling Green, Kentucky. The manufacturer of specialty aluminum products for the aerospace, commercial aircraft, defense, automotive and other industries expects to create more than 50 jobs. Vista Metals plans to acquire more than 100 acres of land and build an over 75,000-square-foot facility.

“We are excited to announce our new location in Kentucky, with a plan to bring over 50 new jobs to the area,” said Andy Primack, CEO of Vista Metals. “Bowling Green is a growing city with a strong industrial business base. Critical to our success is their proven track record of attracting qualified manufacturing talent, the close interaction between business and education and their long-term community development plan. We look forward to growing our business and contributing to this great community.”

To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved a 15-year incentive agreement with Vista Metals under the Kentucky Business Investment program. The performance-based agreement can provide up to $2.5 million in tax incentives based on the Vista Metals’ investment in capital and job creation.

Additionally, KEDFA approved Vista Metals for up to $500,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.

Vista Metals is also entitled to receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.

“The growth of Kentucky’s metals sector is not slowing down anytime soon,” said Governor Andy Beshear. “We have seen incredible investment across this industry in recent years, and Warren County has been among the leading communities for that growth. Thank you to the leaders at Vista Metals for this commitment to Kentucky. I look forward to seeing the business grow its presence in our state.”

“The opening of Vista Metals in Kentucky underscores our commitment to the aerospace industry and our recognition of the importance of delivering robust supply chains,” commented Kelly Thomas, president of Vista Metals. “This strategic investment will further support our customers’ growth in aerospace as OEMs look to more than double commercial aircraft build rates over the next two decades. Given the recovery in the markets, and strong long-term growth outlook, our intent is to invest in a manner that will enable customers to test and qualify this facility ahead of the projected growth surge, along with ongoing investments in our people, processes and equipment at our existing facilities. We look forward to growing our business in the aerospace industry and continuing to be a trusted partner to our customers.”

Courtesy: www.businessfacilities.com