German automotive supplier Bilstein Group announced plans to establish a cold rolled steel mill in the Kentucky Transpark north of Bowling Green, Kentucky.
The 150,000-square-foot, $120 million project will create 90 new jobs in Bowling Green and Warren County.
The steel they produce is primarily meant for use by automotive manufacturers and their suppliers. Cold rolled steel is used for everything from clutches and transmissions to seat structure and safety parts.
This announcement follows Kentucky Gov. Steve Beshear‚Äôs economic development trip to Europe, which included a visit to Bilstein Group‚Äôs facilities in Germany.
Marc T. Oehler, CEO and partner of Bilstein Group, said they were absolutely certain that Bowling Green was the perfect spot for their new cold rolling mill, slitting operations and advanced annealing furnaces.
Oehler said that being close to their customers and suppliers was critical to their decision, as was being within reach from any place in America or Europe.
Not to mention the fact that Kentucky is offering a generous package of incentives. Bilstein Cold Rolled Steel LP has been approved by the Kentucky Economic Development Finance Authority (KEDFA) for up to $3.5 million in tax incentives under the Kentucky Business Investment program.
Bilstein will also get another $1.4 million in the form of sales and use tax refunds on construction costs and equipment purchase. This second incentive is being provided under the Kentucky Enterprise Initiative Act.
Thirdly, Bilstein supplier Horizon Steel Co. has been approved for $1.5 million in incentives to help them set up a $5 million slitting facility with 30 new jobs in leased space within the new Bilstein mill.
Bowling Green Mayor Bruce Wilkerson said the addition of globally known automotive suppliers such as Bilstein truly makes South Central Kentucky an automotive industry hub.
Gov. Beshear likewise said that the fact that world-class companies such as Bilstein are continuing to choose Kentucky as the location for their global operations speaks volumes for the workforce quality and pro-business environment.
Intermodal Transportation Authority Chairman Gary Dillard it was a mutually beneficial relationship ‚Äì they provide Bilstein with unrivaled transportation logistics and infrastructure, and the region is allowed to be a part of Bilstein‚Äôs continued success through investments in the Kentucky Transpark.