Kentucky OKs Incentives for ITW Expansion

11/4/2010 10:08:00 AM
NEWS BRIEFS
Kentucky OKs Incentives for ITW Expansion

The Kentucky Economic Development Finance Authority approved a $200,000 incentive package for ITW’s plan to expand its fastener production in Lexington, the Lexington Herald-Leader reports. 

ITW plans to invest $1.17 million to deploy its launch of a new rib stem fastener product early next year. The expansion is expected to add 10 jobs that pay an average hourly wage of $14.85, including benefits.

ITW currently has a 72-strong workforce at the facility, which was established in 1984 and currently manufactures fasteners primarily used in automotive cam covers, oil pans and drive trains.

The performance-based incentives can be earned by the companies over a 10-year period through corporate income tax credits and wage assessments.©2010 GlobalFastenerNews.com

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