Braidy moves forward with $1.3B KY aluminum plant
Braidy Industries has selected a 380-acre site on the Ohio River near Ashland, KY, to build its $1.3 billion, 2.5-million-square-foot aluminum plant, according to Commercial Property Executive.
The company expects to break ground on the new factory in early 2018, making it the first greenfield aluminum rolling mill in the U.S. in more than 30 years. The estimated 370,000 tons of aluminum sheet and plate to be produced at the plant each year will serve the automotive and aerospace industries.
The plant could be eligible for up to $25 million in state incentives, with $10 million in tax breaks tied to investment and job creation goals throughout the next 15 years.
The Braidy deal is yet another in a recent a string of moves to expand U.S. manufacturing. Kentucky joins a growing group of states willing to offer steep tax breaks and other benefits to companies that invest in the manufacturing facilities that will create jobs and spur other development there.
In April, Braidy announced its plans to set up shop in eastern Kentucky. At the time, its CEO Craig Bouchard said the company decided to make the move after Gov. Matt Bevin signed a "right-to-work" policy into law and after state lawmakers repealed the state's prevailing wage laws.
Earlier this week, Indiana offered a tax break and training package worth up to $3.6 million to entice Midwest Fertilizer to build a $2.8 billion factory in the state. In exchange for the financial incentives, the company said it would create 2,500 temporary construction jobs and 185 permanent positions once the factory is complete.
One of the biggest potential deals currently in development is one between Taiwanese electronics manufacturer Foxconn and the state of Wisconsin. Foxconn announced recently that it will invest $10 billion over five years in a flat-panel display factory in the state. In return, Wisconsin officials are offering up to $3 billion in tax credits over the next 15 years.
Though the factory is seen as a win for the state's manufacturing economy, Wisconsin taxpayers could end up paying $230,700 per worker for each of the 13,000 jobs Foxconn said it would create.
- Commercial Property Executive Eastern Kentucky Lands $1.3B Aluminum Plant
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