FRANKFORT Ky. (Nov. 2, 2015) – Bowling Green Metalforming LLC, a southcentral Kentucky manufacturer of automotive body and chassis assemblies, will expand for a sixth time, Gov. Steve Beshear announced today¬¬.
With an investment of more than $261 million over the next four years, Bowling Green Metalforming plans to create 450 jobs at its facility in the Kentucky Transpark in Bowling Green.
The company, a division Cosma International, an operating unit of Magna International Inc., produces vehicle body and chassis assemblies for original equipment manufacturers including General Motors and Ford Motor Company.
“Kentucky’s automotive industry proved itself a dynamo coming out of the Great Recession,” Gov. Beshear said. “The sector added 20,000 new jobs with investments of more than $5 billion over the past five years. It’s a privilege to see that momentum continue with an expansion of this size at Bowling Green Metalforming.”
The project includes a 260,000-square-foot addition to the company’s current facility and equipment purchases to support recently awarded contracts for heavy stamping, robotic assembly and the coating of chassis and other parts. The expansion’s economic impact is expected to top $800 million in the next decade.
Prior to today’s announcement, Bowling Green Metalforming completed five expansions since breaking ground 11 years ago. In total, those projects grew the facility to 950,000 square feet and more than 1,000 employees through investments of approximately $244 million.
“It’s difficult to overemphasize just how significant the Bowling Green Metalforming expansion will be for our region,” said Sen. Mike Wilson, of Bowling Green. “This is one of the largest corporate expansions southcentral Kentucky has seen in the last decade. The estimated 450 new jobs over four years will do wonders for our local economy. We are appreciative of this investment and wish Bowling Green Metalforming the best of luck moving forward with this expansion.”
“This expansion demonstrates that there is no ceiling for the growth of the automotive industry in Bowling Green and Warren County,” said Rep. Jody Richards, of Bowling Green. “I am grateful to Bowling Green Metalforming for this expansion and I look forward to working with them, the chamber, our local officials and the hardworking people of Bowling Green to ensure that this type of development continues in our area.”
“Business is booming in Bowling Green, as is evident by the decision of Bowling Green Metalforming to make the largest expansion to its facility since they first opened their doors 11 years ago,” said Rep. Michael Meredith, of Brownsville. “Their decision is also reflective of the Commonwealth’s role in the automotive industry, providing Kentucky made products to companies like General Motors and Ford.”
“We are excited and pleased about Bowling Green Metalforming’s planned investment and technological improvements to their Bowling Green facility,” said Bowling Green Mayor Bruce Wilkerson. “Their economic contribution to our community is significant and I look forward to their continued growth and success in Bowling Green.”
“Bowling Green Metalforming has been a driving force in the growth of our automotive industry for a decade and we are proud to call them part of our community,” said Warren County Judge-Executive Mike Buchanon. “I am pleased to congratulate them on this expansion announcement and I thank them for their continued commitment to southcentral Kentucky.”
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) 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, Bowling Green Metalforming is eligible to receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies are eligible to receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. Last year, the Kentucky Skills Network trained more than 84,000 employees from more than 5,600 Kentucky companies.
A detailed community profile for Bowling Green (Warren County) can be viewed here.
The Kentucky Cabinet for Economic Development is the primary state agency responsible for encouraging new jobs and investment in the state. New capital investment announced in Kentucky in 2015 totaled a state record $5.1 billion, spurring more than 16,000 projected new jobs. Information on available industrial properties, workforce development assistance, incentive programs, community profiles, small business development and other economic development resources is available at www.ThinkKentucky.com.