FRANKFORT, Ky. (Nov. 17, 2020) - Today, Gov. Andy Beshear announced executives with Stanley Engineered Fastening, a Stanley Black & Decker company, plan to create 49 high-paying jobs for Kentuckians with a $6 million expansion at its Christian County facility.
"To build a better, economically stronger Kentucky that lifts up families in our commonwealth, my administration has put a priority on creating high-wage jobs. With this expansion, Stanley Engineered Fastening will do exactly that," Gov. Beshear said. "The company serves as a prime example of how Kentucky's manufacturing sector produces high-quality products that are used every day, while creating economic opportunities for Kentuckians. I sincerely appreciate what Stanley is doing in Hopkinsville and look forward to the company's continued growth there."
The company plans to add 30,000 square feet to the existing 250,000-square-foot Hopkinsville facility, which will allow the operation to absorb another Stanley Engineered Fastening facility, grow the current business and expand into other products. Once complete, the expansion will elevate the plant's total employment to 205 workers. Work on the project will begin this month and is expected to conclude in July.
"We are proud to call Hopkinsville home and look forward to deepening our roots in the Bluegrass State," said Kent Shane, director of operations at Stanley Black & Decker. "The state and local community's leadership provides an environment for our business to thrive and our footprint to grow. This expansion furthers our commitment to both our customers and this community."
Established in 1966, the Hopkinsville facility produces a variety of brackets, plugs, fasteners, inserts, bolts, nuts, rivets and screws. Since its opening, the plant has served as a vital part of the region's economy.
Stanley Engineered Fastening, a division of Stanley Black & Decker, produces precision fasteners and other products used in assembly. The company serves a host of industries, including general manufacturing and automotive, two of Kentucky's mainstay sectors.
In total, there are approximately 4,500 manufacturing operations in Kentucky, giving the commonwealth a nationally outsized role in the U.S. manufacturing sector. In fact, more than 13% of Kentucky's workforce is in manufacturing, compared with 8.5% nationally, according to the National Association of Manufacturers. Kentucky manufacturers employ nearly 260,000 people, accounting for one in six private-sector jobs in the commonwealth.
Hopkinsville Mayor Wendell Lynch said he appreciates the company's decision to invest in Kentucky.
"The City of Hopkinsville is proud to be the home of Stanley Engineered Fastening," Mayor Lynch said. "We are excited the company is choosing its Hopkinsville location for this expansion and job creation. We are confident that Stanley will be pleased with its decision as they continue to experience growth and productivity in our region because of our amazing citizens and workforce. We will continue to do all we can to help Stanley succeed in our community."
Christian County Judge/Executive Steve Tribble said the region offers several advantages that support this expansion.
"Christian County government celebrates this exciting announcement with Stanley Engineered Fastening," Judge/Executive Tribble said. "We are thrilled that Stanley's leadership is choosing to continue to invest in our region. We realize that Stanley has many competitive options. We are pleased that our quality workforce, low cost of doing business and outstanding quality of life make Hopkinsville and Christian County the perfect fit for this expansion opportunity. We look forward to supporting Stanley, its leadership and workforce for decades to come."
Carter Hendricks, executive director of the South Western Kentucky Economic Development Council, said this expansion brings great news for residents of the region.
"We are excited to celebrate Stanley Engineered Fastening, part of the Stanley Black and Decker family, and its plans to expand the Hopkinsville facility and create more investment, opportunities and good-paying jobs for the awesome people of South Western Kentucky," Hendricks said. "We look forward to working with Stanley's team as well as our additional industry partners to ensure our region remains a vibrant, productive and business-friendly location for existing industries, future expansions and new opportunities. As we shared with Stanley, South Western Kentucky is home of the most fertile lands and hardest working hands, where life is a little less taxing and a lot more relaxing. It's part of the reason that our region now boasts over 60 manufacturers representing 21 unique countries with products and parts being sent to all corners of the globe. We are happy to support Stanley's continued success and encourage others to come grow with us."
John Bradley, Tennessee Valley Authority senior vice president of economic development, said TVA strives to help cultivate the type of opportunities this project will create.
"TVA and Pennyrile Rural Electric Cooperative Corp. congratulate Stanley Engineered Fastening on its decision to expand operations in Christian County," Bradley said. "It's always an exciting day when we can celebrate a company's commitment to continued growth in the Valley. Helping to foster job creation and investment is fundamental to TVA's mission of service, and we are proud to partner with South Western Kentucky Economic Development Council and the Kentucky Cabinet for Economic Development to help further that mission and support Stanley Engineered Fastening's continued business success."
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in October preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $1,050,000 in tax incentives based on the company's investment of $5,985,000 and the following annual targets meeting the eligibility criteria of the program:
- Creation and maintenance of 49 Kentucky-resident, full-time jobs across 15 years; and
- Paying an average hourly wage of $34 including benefits across those jobs.
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, the company 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.
For more information on Stanley Engineered Fastening, visit www.stanleyengineeredfastening.com.
A detailed community profile for Christian County can be viewed here.
Information on Kentucky's economic development efforts and programs is available at www.CED.ky.gov, at facebook.com/CEDkygov, on Twitter @CEDkygov and LinkedIn.
Read about other key updates, actions and information from Gov. Beshear and his administration at governor.ky.gov, kycovid19.ky.gov and the Governor's official social media accounts Facebook, Twitter and YouTube.