Kentucky Gov. Andy Beshear announced the continued momentum of the state’s manufacturing sector as Worldwide Technologies LLC, a manufacturer of precision machined parts, will invest over $1.2 million and create 16 quality jobs with a new facility in Glasgow.
“One reason we are experiencing unprecedented economic momentum throughout the state is Kentucky companies continue to reinvest in Kentucky,” Gov. Beshear said. “Not only are we attracting quality international companies and companies from around the country, we are also growing and expanding the businesses that were born in our backyard. I want to thank Worldwide Technologies’ leaders for their support in the commonwealth and look forward to their continued success.”
The new facility in Barren County will see an investment of over $1.2 million that will include site improvements and new welding equipment. The location will boost the company’s production of precision machined products, including heavy truck, defense and medical parts. The project comes in response to growing business opportunities for the company. The investment also will create 16 quality jobs for residents of Glasgow and Barren County.
The new location is the second announced in Kentucky by Worldwide Technologies within the past 16 months. In 2021, the company announced a $1.42 million investment in Greensburg creating 25 full-time jobs.
“We have been doing business in Kentucky for over 12 years, and we are extremely excited about growing and expanding our presence in the commonwealth,” Mike Jones, co-founder of Worldwide Technologies, said. “I want to thank the city of Glasgow, Barren County, and all local and state officials who helped make this expansion possible. Worldwide Technologies is thrilled for this new opportunity.”
Worldwide Technologies began operations with a single warehouse in Bowling Green that employed five people. Today, it employs over 70 Kentuckians and serves more than 50 clients. In 2010, the company moved to a 27,000-square-foot facility in Simpson County, which has since served as its headquarters. The company since has expanded the Simpson County plant to over 58,000 square feet with the potential for further expansion.
The company’s investment builds on Kentucky’s growing manufacturing prowess, which in 2021 saw over 13,900 new jobs announced in the commonwealth behind $10.5 billion in new investments. Statewide, manufacturers operate nearly 5,000 facilities employing approximately 250,000 residents.
Barren County Judge/Executive Micheal Hale highlighted the project’s jobs.
“We are excited to have a regional small business expanding to our area bringing high-quality jobs and opportunities to our citizens,” Judge Hale said. “We expect great things from Worldwide Technologies and look forward to their future growth.”
Glasgow Mayor Harold Armstrong said he is eager to build a long-lasting relationship with the company.
“The City of Glasgow is very appreciative of Worldwide Technologies decision to expand their successful business to Glasgow, Kentucky,” Mayor Armstrong said. “Worldwide Technologies is bringing good jobs to our community, and we look forward to a long and successful partnership.”
Maureen Carpenter, president and CEO of the Barren County Economic Authority, said the region is ready to build on the company’s success.
“Worldwide Technologies has a proven track record of providing quality products and services to over 50 customers worldwide,” Carpenter said. “We look forward to working with this thriving business as they invest in Barren County.”
Worldwide Technologies’ investment and planned job creation furthers recent economic momentum in the commonwealth, as the state builds back stronger from the effects of the pandemic.
In 2021, the commonwealth shattered every economic development record in the books. Private-sector new-location and expansion announcements included a record $11.2 billion in total planned investment and commitments to create a record 18,000-plus full-time jobs across the coming years. Kentucky’s average incentivized hourly wage for projects statewide in 2021 was $24 before benefits, a 9.4% increase over the previous year.
In the past year, the Beshear administration announced the two largest economic development projects in state history. In September 2021, Gov. Beshear and leaders from Ford Motor Co. and SK Innovation celebrated a transformative $5.8 billion investment that will create 5,000 jobs in Hardin County. And in April of this year, the Governor was joined by leadership at Envision AESC to announce a $2 billion investment that will create 2,000 jobs in Warren County. These announcements solidify Kentucky as the EV battery production capital of the United States.
The economic momentum has carried strongly into 2022, with both S&P Global Ratings and Fitch Ratings upgrading Kentucky’s financial outlook to positive in recognition of the commonwealth’s surging economy.
And Site Selection magazine placed Kentucky at 6th in its annual Prosperity Cup rankings for 2022, which recognizes state-level economic success based on capital investments.
Kentucky has posted record low unemployment rates for four consecutive months, falling from 3.9% in April to 3.8% in May and 3.7% for June and July.
In July, the Governor reported the highest annual growth rate in 31 years. And for the second year in a row, Kentucky’s General Fund budget surplus has exceeded $1 billion. Also in July, Gov. Beshear reported that the state’s rainy day fund is up to a record balance of $2.7 billion, significantly higher than the $129 million balance the fund had when the Governor took office.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $150,000 in tax incentives based on the company’s investment of $1.2 million and annual targets of:
- Creation and maintenance of 16 Kentucky-resident, full-time jobs across 10 years; and
- Paying an average hourly wage of $27 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, Worldwide Technologies can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.