Braidy Industries Inc. disclosed that they will build a $1.3 billion aluminum mill and create 550 advanced manufacturing jobs in Greenup County, Kentucky to produce sheet and plate for the automotive and aerospace industries.
“Braidy Industries’ decision to locate in Eastern Kentucky has the potential to be as significant as any economic deal ever made in the history of Kentucky,” said Gov. Bevin. “This $1.3 billion investment will create enormous opportunity for people in the region, and would not have been possible without our recently passed right-to-work legislation. I look forward to the success of Braidy Industries as they leverage the incredible work ethic found in Eastern Kentucky. The ripple effect of this investment will be significant and will produce positive change in the region for generations to come.”
Braidy Industries will construct a 2.5 million sq.ft. aluminum mill on more than 300 acres near South Shore in Greenup County. The company expects construction to begin in early 2018 with completion in 2020. Construction will create about 1,000 jobs.
Initially, the facility will produce about 370,000 tons of aluminum per year for the automotive and aerospace industries, with opportunities to expand over time.
The average wage of workers in the new facility will be about $70,000 per year. The company will also provide low-cost healthy meals, a day care, fitness center and other amenities to create an employee-friendly workplace.
Craig Bouchard, Braidy Industries chairman and chief executive officer, said the new plant will both revitalize the region and raise the bar for aluminum production globally.
Bouchard, a seasoned executive with a distinguished track record in banking, software development, aluminum and steel manufacturing, founded Braidy Industries earlier this year. He chose Greenup County for its strengths as a location for metal production as well as to spearhead an economic revival in Eastern Kentucky. Bouchard’s team includes experts in the aluminum industry, metallurgical research, international business and a range of other disciplines.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in a special meeting preliminarily approved the company for tax incentives up to $10 million 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.
In addition, Braidy Industries 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. In fiscal 2016, the Kentucky Skills Network provided training for nearly 95,000 Kentuckians and 5,000 companies from a variety of industry sectors.
Published in the July 2017 Edition of American Recycler News