Friday, Governor Steve Beshear is announcing Accuride Corporation is upgrading its production facility in Henderson, and the move will mean new jobs.
The company is a leading supplier of components to the North American commercial vehicle industry. It will now be investing $5.8 million to expand its powder coating capacity with the installation of a new state-of-the-art coating line at its steel wheel production facility in Henderson.
Officials say the paint technology upgrade will stabilize the current employment level at the plant, and Accuride expects to add 30 jobs as the company and the North American trucking industry gain momentum over the next few years.
"Accuride Corporation has been a part of the Commonwealth for nearly four decades, and that commitment and tradition is even stronger now, thanks to this expansion," said Gov. Beshear. "The company's dedication to Henderson is evident in the plans for 30 new jobs over the next few years, as well as a $5.8 million investment in advanced equipment to upgrade its coating technology at the plant."
Accuride's Henderson facility was established in 1974 as part of what was then Firestone Steel Products.
The plant employs about 160 people and operates its 364,000-square-foot manufacturing center on 118 acres in Henderson.
Accuride plans to upgrade its operations with the installation of a new, advanced-technology coating line, which will expand its already significant powder coating capacity.
Accuride's customer base includes heavy-duty commercial truck and trailer original equipment manufacturers, commercial vehicle fleets and distributors in the commercial vehicle aftermarket.
"Our commitment to install an advanced-technology coating line at our Henderson plant will strengthen our ability to supply industry-leading steel wheel products to the North American commercial vehicle market," said Rick Dauch, Accuride president and CEO. "Henderson's range of steel wheels provides customers with several options to reduce vehicle weight, boost fuel economy, fight corrosion and achieve long-life performance. Thanks to its new paint line, Henderson will stand alone in the industry in its ability to formulate customized coating solutions and deliver them via its advanced new coatings process."
To encourage the investment and job growth in Henderson, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $600,000 through the Kentucky Business Investment program.
The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
"Accuride's plan to expand its operations in Henderson and increase employment levels in the future, is very good news," said Sen. Dorsey Ridley, of Henderson. "The company's $5.8 million investment will allow our community to keep reaping the rewards of good jobs at Accuride and the local companies supporting the project, as well as continue to stimulate the economic growth and development of our area. I am proud to have Accuride here in Henderson, and am pleased with their continued success. I applaud Gov. Beshear for taking the lead in supporting the expansion of our good corporate friend."
"Accuride has long been a great corporate partner for our community, and I am very pleased to see it undertake such a major expansion," said Rep. David Watkins, of Henderson. "This company adds to Kentucky's already strong reputation in the automotive industry, and the jobs and investment could not come at a better time. I want to thank our local and state officials for working with Accuride to help make this possible."
"Henderson County is always excited to be involved in the process of helping a local company expand," said Henderson County Judge-Executive Hugh McCormick. "The expansion that is taking place at Accuride Corporation will have an extremely positive impact on the entire region, one that we know will prosper for many years to come."
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