Stanley Engineered Fastening to create nearly 50 jobs with Hopkinsville expansion
FRANKFORT, Ky. (WTVQ) – Gov. Andy Beshear announced Tuesday executives with Stanley Engineered Fastening, a Stanley Black & Decker company, plan to create 49 high-paying jobs for Kentuckians with a $6 million expansion at its Christian County facility.
The company plans to add 30,000 square feet to the existing 250,000-square-foot Hopkinsville facility, which will allow the operation to absorb another Stanley Engineered Fastening facility, grow the current business and expand into other products.
Once complete, the expansion will elevate the plants total employment to 205 workers. Work on the project will begin this month and is expected to conclude in July.
“We are proud to call Hopkinsville home and look forward to deepening our roots in the Bluegrass State,” said Kent Shane, director of operations at Stanley Black & Decker. The state and local community’s leadership provides an environment for our business to thrive and our footprint to grow. This expansion furthers our commitment to both our customers and this community.”
Established in 1966, the Hopkinsville facility produces a variety of brackets, plugs, fasteners, inserts, bolts, nuts, rivets and screws. Since its opening, the plant has served as a vital part of the regions economy.
Stanley Engineered Fastening, a division of Stanley Black & Decker, produces precision fasteners and other products used in assembly. The company serves a host of industries, including general manufacturing and automotive, two of Kentucky’s mainstay sectors.
In total, there are approximately 4,500 manufacturing operations in Kentucky, giving the commonwealth a nationally outsized role in the U.S. manufacturing sector.
In fact, more than 13% of Kentuckys workforce is in manufacturing, compared with 8.5% nationally, according to the National Association of Manufacturers. Kentucky manufacturers employ nearly 260,000 people, accounting for one in six private-sector jobs in the commonwealth.
Hopkinsville Mayor Wendell Lynch said he appreciates the company’s decision to invest in Kentucky.
“The City of Hopkinsville is proud to be the home of Stanley Engineered Fastening,” Mayor Lynch said. “We are excited the company is choosing its Hopkinsville location for this expansion and job creation. We are confident that Stanley will be pleased with its decision as they continue to experience growth and productivity in our region because of our amazing citizens and workforce. We will continue to do all we can to help Stanley succeed in our community.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in October preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program.
The performance-based agreement can provide up to $1,050,000 in tax incentives based on the companys investment of $5,985,000 and the following annual targets meeting the eligibility criteria of the program:
- Creation and maintenance of 49 Kentucky-resident, full-time jobs across 15 years; and
- Paying an average hourly wage of $34 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, the company 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.