Governor Steve Beshear today joined community leaders and officials from TMK IPSCO and Ferrous Metal Processing to celebrate a partnership that will retain nearly 300 Kentucky jobs, bring 20 new jobs and entail a $27.6 million capital investment in Northern Kentucky.
With the assistance of state tax incentives approved earlier this year, pipe producer TMK IPSCO is making a number of new investments at its Wilder facility that will support the retention of 298 Kentucky jobs. The latest success of the company's $15.6 million reinvestment project is the recruitment of Ferrous Metal Processing, which will locate on an adjacent property.
"Together, the investments made by TMK IPSCO and the commitment that Ferrous Metal Processing has made to the Wilder location are a strong testimony to the diverse advantages that Kentucky’s business climate and quality of life has to offer," Gov. Beshear said. "Companies like Ferrous Metal Processing will continue to choose Kentucky as a place to invest and expand, and companies like TMK IPSCO will continue to make investments in their Kentucky communities. We are pleased to be part of their success stories."
TMK IPSCO and Ferrous have entered into an agreement for the installation of a new slitting line, bringing 20 new jobs and an additional $12 million investment to the region. Ferrous will own and operate the new facility and slit steel coils for TMK IPSCO on a toll basis. The companies have entered into a 12-year contract in which Ferrous will provide 100 percent of TMK IPSCO's slitting needs for the production of pipe at the Wilder plant.
Officials broke ground today on the soon-to-be constructed 43,000-square-foot building, which is expected to start commercial production in the fall of 2012.
"We are very excited to be continuing to expand our operations in Northern Kentucky," said Vicki L. Avril, president and CEO of TMK IPSCO. "Between the government support and the talented workforce here, we should be able to turn what has been a struggling operation into one that is financially viable, superior in quality and competitive in our industry. It's a win for the state, for this community, for our company and for these employees."
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