Gov. Bevin announces $1.3 billion investment in eastern Kentucky with new aluminum plant
On Wednesday, Gov. Matt Bevin announced a new aluminum plant will be built in the eastern Kentucky region by Braidy Industries, creating 500 permanent jobs and a billion dollar investment in the state.
The new aluminum plant will be built near the town of South Shore and will serve automotive and aerospace industries. According to the governor’s office, the plant will create 1,000 construction jobs and 550 permanent jobs with average wages of about $70,000 per year.
The company expects construction to begin in early 2018 with completion in 2020. The facility will initially produce about 370,000 tons of aluminium per year for the automotive and aerospace industries, with opportunities to expand over time.
The Kentucky Economic Development Finance Authority has approved tax incentives up to $10 million for the company to build the $1.2 billion aluminum mill.
“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,” Gov. Bevin said in a press release Wednesday. “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.”
The announcement of the new investment in the region comes after Gov. Bevin asked lawmakers in the final hours of this year’s legislative session to approve up to $15 million for a “mystery” economic development project in eastern Kentucky.
Craig Bouchard, Braidy Industries chairman and CEO, said the new plant will both revitalize the region by bringing well-paying jobs to eastern Kentucky and raise the bar for aluminum production globally.
“The state’s willingness to partner closely with private industry makes this a prime location to found and grow our world-class and cutting-edge rolling mill,” Bouchard said in the press release.
Kentucky Chamber President and CEO Dave Adkisson applauded the announcement Wednesday.
“This is a game-changer for the Ashland area and all of Kentucky. Welcome, Braidy Industries!” Adkisson said.