One of Hopkinsville’s oldest industrial companies will create 49 jobs paying an average of $34 an hour, including benefits, after it constructs a $6 million expansion, Gov. Andy Beshear’s office announced today.
Construction of a 30,000-square-foot addition at Stanley Engineered Fastening on Pembroke Road will begin this month and should be completed in July, state officials said in a news release.
The plant, in business since 1966, is currently 250,000 square feet. When the expansion is completed, it will increase the plant’s employment to 205 workers.
Stanley Engineered Fastening is a division of Stanley Black and Decker. It produces fasteners and other components used in assembly for several industries, including automotive and general manufacturing.
The governor touted the significance of “high-paying jobs” and said the Hopkinsville plant is “a prime example of how Kentucky’s manufacturing sector produces high-quality products that are used every day, while creating economic opportunities for Kentuckians.”
A performance-based agreement approved in October by the Kentucky Economic Development Finance Authority can provide up to $1.05 million in tax incentives based on the company’s investment and two criteria — creation and maintenance of 49 full-time jobs for Kentucky residents across 15 years and paying an average hourly wage of $34, including benefits for those jobs, according to the governor’s news release.
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The incentive comes from allowing the company to keep a portion of the tax revenue it generates.
“The city of Hopkinsville is proud to be the home of Stanley Engineered Fastening,” Mayor Wendell Lynch said in the release. “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.”
County Judge-Executive Steve Tribble and Carter Hendricks, executive director of the South Western Kentucky Economic Development Council, both praised the expansion. Hendricks noted Christian County has “60 manufacturers representing 21 unique countries with products and parts being sent to all corners of the globe.”
Kent Shane, director of operations for Stanley Black and Decker, said, “We are proud to call Hopkinsville home and look forward to deepening our roots in the Bluegrass State. 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.”
(Jennifer P. Brown is the editor and co-founder of Hoptown Chronicle. Reach her at editor@hoptownchronicle.org.)
Jennifer P. Brown is co-founder, publisher and editor of Hoptown Chronicle. You can reach her at editor@hoptownchronicle.org. She spent 30 years as a reporter and editor at the Kentucky New Era. She is a co-chair of the national advisory board to the Institute for Rural Journalism and Community Issues, governing board president for the Kentucky Historical Society, and co-founder of the Kentucky Open Government Coalition.
