The new facility will produce a variety of automotive parts used in the production of pickup trucks and SUVs. The new location will represent an initial investment of over USD 20 million, creating 50 jobs. That portion is planned to open in summer 2021. Two additional expansions planned within the next three to five years would grow the operation to 325,000 square feet, bringing the total investment to USD 70 million and total jobs to 110. Company bought a 108,000 square feet building in the Kentucky Transpark for their plant’s new home. The project includes purchase and installation of equipment for precision roll forming, laser cutting, tube bending and fabrication, along with robotics and other technology.
The Kentucky Economic Development Finance Authority preliminarily approved a 10 year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to USD 2 million in tax incentives based on the company’s investment of USD 70 million and annual targets of
Creation and maintenance of 110 Kentucky-resident, full-time jobs across 10 years
Paying an average hourly wage of $31 including benefits across those jobs
Additionally, KEDFA approved Nova for up to USD 550,000 in tax incentives through the Kentucky Enterprise Initiative Act. KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
Founded in Montreal in Canada in 1979, Nova Steel has grown to include 20 locations throughout North America, including one facility in Michigan and four general line service centres in the North-eastern US operating as American Steel & Aluminium. The company manufactures products for automotive, construction, mining, agriculture, transportation and other related industries.