FRANKFORT, Ky. (June 9, 2015) – More jobs are coming to western Kentucky. Gov. Steve Beshear today announced that Hydro-Gear Limited Partnership is expanding its operations in Caldwell County.
Hydro-Gear, a designer and manufacturer of precision drive systems, plans to add up to 40 new jobs and invest $2.6 million into the project.
"Today's announcement is a demonstration that Hydro-Gear continues to build on its growth as a leading global manufacturer in its field," said Gov. Beshear. "We've worked hard with our community partners to make this region attractive to businesses, and that work is paying off. I'm proud of the new jobs and investment here. This is a great day for the Commonwealth, Princeton and Hydro-Gear."
Hydro-Gear first located a manufacturing operation to Princeton in 2005. Now, the company plans to add more capacity, including the construction of a new 55,000-square-foot warehouse. This will allow Hydro-Gear to create more manufacturing space. The project is expected to be complete by the end of the year.
"When you have great team, it is amazing what can be done," said Ray Hauser, president of Hydro-Gear. "We joined the Princeton community in 2005 to support our growth. We have attracted outstanding people that truly care and are motivated to perform for our customers every day. This facility expansion will allow us to enhance our customer service and provide solid employment opportunities for the local community."
Headquartered in Illinois, Hydro-Gear is a global leader in the design and manufacture of precision drive systems. Working in partnership with manufacturers worldwide, Hydro-Gear produces an extensive line of high-performance, efficient hydrostatic transmissions and transaxles for industrial, commercial and consumer markets. The company currently employs more than 120 workers in central Kentucky.
"It is exciting for our community that Hydro-Gear is expanding its Caldwell County operations, which will create new job opportunities and provide a healthy boost to the local economy," said Sen. Dorsey Ridley, of Henderson. "It also speaks highly of our dedicated workforce that this company is willing to make this investment. Hydro-Gear is a good corporate neighbor, and I look forward to a long, prosperous corporate partnership."
"Hydro-Gear is an important part of our manufacturing community in Princeton," said Princeton Mayor Danny Beavers. "This investment will assure continued growth and give us 40 new jobs for our community. The city of Princeton greatly appreciates Hydro-Gear choosing our community for its expansion."
"I am extremely pleased that Hydro-Gear has chosen Princeton for their latest expansion," said Caldwell County Judge-Executive Ellen Dunning. "They are a great asset to our community, and we are looking forward to a long and prosperous relationship. We appreciate the confidence they have shown by choosing to expand their Operations in Caldwell County."
To encourage the investment and job creation, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $800,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
In addition, Hydro-Gear 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 4,100 Kentucky companies.
For more information on Hydro-Gear, visit www.hydro-gear.com.
A detailed community profile for Princeton (Caldwell County) can be viewed here.
Information on Kentucky's economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky. Watch the Cabinet's "This is My Kentucky" video on YouTube.
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 2014 totaled a state record $3.7 billion, spurring more than 15,000 projected new jobs. The Commonwealth also received Site Selection magazine's nationally acclaimed Governor's Cup for most economic development projects per capita last year. 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.