FRANKFORT, Ky. (WTVQ) – A Richmond-based company could complete an expansion by the end of this year and start adding 43 jobs in Powell County.
According to Gov. Andy Beshear, Truck Equipment & Body Co. of Kentucky Inc. this week began a $2 million project renovating and equipping a facility in Stanton to establish a 43-job custom dump truck body and truck equipment manufacturing operation.
“Ensuring Kentuckians have quality job opportunities is perhaps more important than ever, and we at the state level are doing all we can to create and strengthen new and existing business relationships to make that possible,” Beshear said. “TEBCO of Kentucky has been a reliable employer in the commonwealth for nearly 30 years, and its continued growth is a clear boost to the Eastern Kentucky region. Our thanks go to the company for its commitment to the state and its dedicated workforce.”
Located at 100 Reed Court in Stanton, the new 40,000-square-foot operation will allow TEBCO of Kentucky to better support its rapidly growing customer base. The operation will use state-of-the-art manufacturing equipment for steel and aluminum cutting and forming as well as provide in-house engineering space. The new location could increase the company’s current production capacity by four times in the coming years, while also improving quality control measures.
Company leaders anticipate the facility will be operational by the third quarter of this year.
“Despite these difficult and uncertain times, TEBCO of Kentucky’s management team remains confident about the future and is pleased to announce this expansion of our current operations,” said Brandon Faulkner, vice president and general manager of TEBCO of Kentucky. “We are grateful to Gov. Beshear, the commonwealth of Kentucky, Powell County, the city of Stanton, Powell County Industrial Development Authority and state agencies such as the Kentucky Economic Development Financing Authority and the Kentucky Skills Network for their support of this project. We would also like to thank Madison County and the city of Richmond for their unwavering support and assistance over the years. We look forward to creating new innovative products in the dump truck body market as well as other markets, increasing service to new and existing customers, and creating new employment opportunities for nearly 50 Kentucky families in the Eastern Kentucky region.”
Headquartered in Richmond, TEBCO of Kentucky was established in 1991 to produce custom dump truck bodies and other truck equipment. In addition to its Richmond facility, the family-owned company operates a location in Winchester. TEBCO of Kentucky currently employs approximately 50 Kentuckians and serves a range of industries including mining, aggregate and construction and industrial among others.
Sen. Albert Robinson, of London, said the project comes at a crucial time for the region and state.
“This investment by TEBCO of Kentucky does more than just bring dozens of jobs into the Stanton community,” Sen. Robinson said. “With the investment comes a sense of stability and hope that I am certain the people of the 21st Senate District, and all of Kentucky, need right now. I am grateful to companies like TEBCO of Kentucky for keeping our economy moving by producing high-caliber equipment that businesses in Kentucky and across the United States need.”
Rep. David Hale, of Wellington, said the company has a long history in Kentucky.
“Truck Equipment & Body Co. of Kentucky has economically impacted this commonwealth since 1991 and continues to grow,” Rep. Hale said. “TEBCO of Kentucky’s new $2 million investment will enhance Stanton and surrounding communities by providing more opportunities for economic growth and higher paying jobs.”
Stanton Mayor Dale Allen welcomed the investment and job growth.
“I am very excited about the new job opportunities coming to Stanton,” Mayor Allen said. “What a great boost it will be to our economy. We welcome Mike Faulkner and the TEBCO of Kentucky company home to Powell County.”
Powell County Judge-Executive James Anderson said the TEBCO of Kentucky’s arrival will boost the local workforce.
“I am truly appreciative for the job opportunities this project will bring to our county,” Judge-Executive Anderson said. “This project is a symbol of hope for the future in an uncertain time. I look forward to the positive economic impact it will have on our county.”
Craig Dawson, Powell County Industrial Development Authority director, said the project represents a great opportunity.
“We appreciate the impact the TEBCO of Kentucky project will have on our local economy,” Dawson said. “This is a great opportunity for our community.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in March preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $750,000 in tax incentives based on the company’s investment of $2 million and annual targets of:
- Creation and maintenance of 43 Kentucky-resident, full-time jobs across 15 years
- Paying an average hourly wage of $17 including benefits across those jobs
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, TEBCO can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.