FRANKFORT, Ky. (Nov. 12, 2015) – Worthington Industries' tailor welded blanking joint venture, TWB Company LLC, plans to open a new facility in Glasgow, creating 12 jobs through an investment of nearly $7.7 million, Gov. Steve Beshear announced today.
"With Kentucky's automotive industry thriving and motor vehicle-related companies already in two-thirds of Kentucky counties, it's no wonder suppliers such as TWB Company continue to locate and expand in our state," said Gov. Beshear. "I commend TWB both on making the right choice to open in the Commonwealth and for distinguishing itself with lightweight, high-strength products, a new hallmark of the auto industry's shift toward more efficient vehicles."
The Kentucky TWB facility will laser weld different types of high-strength-grade steel to create material used for heavy-duty truck rail assemblies that is stronger and lighter with improved crash performance. The material will undergo additional manufacturing at another facility before being used in Ford F-350 and F-250 pickup trucks. The company plans to sublease 12,000 square feet of space from Fortis Manufacturing on Carroll Knicely Drive in Glasgow and purchase new machinery and other equipment. Production is expected to begin by the end of the first quarter of 2016.
"We are pleased to open a new facility in Kentucky. This expansion is evidence of the strength of the relationships we have with our customers as well as the increased demand for our tailor welded products," said Geoff Gilmore, president of Worthington Industries' Steel Processing business. "This location will increase efficiencies in the supply chain and will help put stronger, lighter trucks on the road."
"Our innovative laser welded blank offering continues to expand into new vehicle parts like these heavy gauge, truck rail assemblies," said Ivan Meltzer, president of TWB Company. "We appreciate the support of the state of Kentucky as we work to grow our business and offer high-quality jobs in the community."
The automotive industry now stands as one of Kentucky's strongest and largest sectors, employing more than 88,000 people. This year through September alone, automotive-related businesses announced 42 expansions or new locations in the Commonwealth, accounting for nearly 1,200 new jobs and $921 million in projected investment.
"We are pleased to welcome TWB to Glasgow," said Sen. David Givens, of Greensburg. "This new investment of nearly $7.7 million will be huge for our community, along with the estimated 12 great jobs TWB aims to provide. We appreciate all the efforts that went into bringing this investment to our region."
"This is great news for our community and those families who will benefit from these new jobs," said Rep. Johnny Bell, of Glasgow. "This announcement also builds on our already strong reputation in the automotive industry. I want to thank TWB for making this decision, and I appreciate the assistance and cooperation of our local and state economic development leaders."
"The City of Glasgow is pleased to welcome TWB Company, a world-class metal working operation, to our community," said Glasgow Mayor Dick Doty. "We commend them for their investment in our city and thank them for their confidence in us. Their desire for a long-term relationship with the people of Glasgow encourages us. The reputation of their parent companies, Worthington Steel and Wuhan Iron and Steel Company, is noted throughout the automotive industry."
"I am always excited when a company comes to Barren County," said Barren County Judge-Executive Micheal Hale. "We will continue to be dedicated in providing and creating an environment that is attractive for businesses to locate to this county."
To encourage the company's investment and job growth in Barren County, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $360,000 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, TWB 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.
The new facility is TWB's 10th in North America; additional locations include Michigan; Tennessee; Alabama; Ontario, Canada; and four in Mexico. Formed in 1992, TWB Company LLC is a joint venture of Worthington Industries (NYSE:WOR) and Wuhan Iron and Steel Company. Worthington Industries holds majority ownership of the joint venture and financial results are consolidated within Worthington's Steel Processing business segment. The venture is North America's market leader for tailor welded products. More information at www.TWBCompany.com.
A detailed community profile for Glasgow (Barren County) can be viewed here.