Whitworth Tool Inc., a manufacturer of precision-machined components for the tool and die industry, plans to invest $3.58 million in its headquarters in Hardinsburg, Kentucky. The company plans to create 50 full-time jobs.
The company’s investment includes building modifications and the purchase and installation of specialized machinery for its precision-machined parts business and tool-and-die services.
“This project to upgrade our Hardinsburg headquarters will allow us to better serve our customers through our installation of new and advanced machinery,” said Jared Whitworth, company vice president. “Our new equipment will include a large CNC gantry mill capable of precisely machining parts up to 14 feet long and 35,000 pounds. These and other upgrades speak directly to our commitment to both the community and our clients.”
“We are grateful to the owners of Whitworth Tool for their decision to reinvest and add more jobs here in Kentucky,” said Governor Matt Bevin. “Companies, like Whitworth, have gained tremendous success by locating and expanding in the commonwealth. They are living proof that Kentucky is the engineering and manufacturing hub of excellence in America.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in February 2015 preliminarily approved the company for tax incentives up to $750,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
Additionally, KEDFA approved Whitworth Tool for up to $50,000 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.
This article, republished with permission of Halcyon Business Publications, Inc., is an edited version of an article that originally appeared on February 15, 2017, in Area Development Online: http://www.areadevelopment.com/newsItems/2-15-2017/whitworth-tool-headquarters-hardinsburg-kentucky.shtml