BOWLING GREEN, KY-Topura America Fastener, Inc. celebrated the completion of the construction of their expanded facility in Bowling Green, Ky., today during a ceremony led by the Bowling Green Area Chamber of Commerce.
In June 2010, Governor Steve Beshear announced that Topura America Fastener unveiled plans to add 30 new jobs in phases over the next three years and would invest $9.34 million as a result of the expansion and continual improvement in processes and technology. The company added 96,000 square feet to its existing 71,966 square-foot facility, installed new equipment and made other improvements to increase manufacturing capabilities and improve product flow.
Darrell Oakley, Executive Vice President, stated, "Topura America Fastener is grateful and proud to be associated with local and state leaders who share the same vision. A vision with a core designed to promote development that translates into return for our community and state. The incentive resources necessary to execute a 96,000 square foot expansion in challenging economic conditions were available, accessible and beneficial."
Warren County Judge Executive Michael Buchanon and Bowling Green Mayor Joe Denning also congratulated the company during the ceremony. Judge Buchanon said, "We congratulate Topura on the completion of their expansion and extend our appreciation to your company and employees for making an additional investment in South Central Kentucky."
Mayor Denning said, "Topura has been an excellent corporate citizen since locating here in 1987. The community has been excited to watch this company grow, and we look forward to your continued work here in Bowling Green."
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved Topura America Fastener for tax incentives up to $675,000 through the Kentucky Business Investment program. The incentive can be earned over a 10-year period through corporate income tax credits and wage assessments.
KEDFA also approved the company for up to $75,000 in tax benefits through the Kentucky Enterprise Initiative Act, an incentive program that allows approved companies to recoup Kentucky sales and use tax on the cost of construction materials, building fixtures and equipment used for research and development.
In accordance with the new state incentive programs, the City of Bowling Green provided their financial support to this project in occupational tax abatement for a 10-year period. Through their participation, the City helped maximize the state incentives for Topura America Fastener, Inc.
Rodney Rogers, chairman of the Bowling Green Area Chamber of Commerce, also congratulated Topura America Fastener. "This company's project was one of the 15 expansion announcements that the Chamber participated in during 2010. The Chamber focuses significant efforts to retain our local companies and help them expand. Topura's celebration today is an example of what the Chamber's efforts can do."
In 2010, the Chamber's economic development staff participated in more than 350 existing industry calls across South Central Kentucky, gathering information from and lending support to local companies. Last year's 15 expansion projects announced a capital investment of more than $220 million and 1,376 jobs that will be created over the next several years.
About the Bowling Green Area Chamber of Commerce: Incorporated in 1935, the Bowling Green Area Chamber of Commerce is a 5-Star Accredited Chamber by the U.S. Chamber of Commerce and was named the 2009 Chamber of the Year by the American Chamber of Commerce Executives. As the fourth largest chamber in Kentucky, the Chamber serves as a premier business advocate for its more than 1,300 partners and is the driving force for economic development in South Central Kentucky. Its primary goals are to promote growth and success in the business community, reaching
its small business partners and those in large industries alike. With leadership programs, governmental relations projects, educational initiatives and involvement opportunities, the Chamber aims to support the community and its neighbors in order to enhance the business climate and continue to grow the region.