Approximately 283 jobs are coming back to Hopkinsville in the next couple of years thanks to planned renovations at a local factory.
The governor's office says PTC Alliance, which had gotten down just a few employees after several layoffs, will retrofit its building on Frank Yost Lane with $102 million in repairs and other work to begin operations as PTC Seamless Tube Corporation.
Governor Steve Beshear says the project will create up to 283 jobs. South Western Kentucky Economic Development Council President Mitch Robinson says 233 of those jobs will be created in the first year.
The news release says PTC’s renewed focus on Hopkinsville represents a shift in the company’s operations from producing more traditional mechanical tubular products toward producing seamless steel tubes for the energy industry.
The retrofitting of the facility will include purchasing property adjacent to the current site, reworking the layout of the facility and installation of manufacturing equipment.
The Kentucky Economic Development Finance Authority approved the company for tax incentives of up to $12 million through the Kentucky Business Investment program to help get the ball rolling. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
Another half million dollar sales tax incentive was approved for construction and equipment purchasing costs.