FRANKFORT, Ky. (LT) - 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,” Gov. Andy 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 Q3 2020.
“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.”
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.
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:
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.