Kentucky Governor Steve Beshear, along with several community and business leaders in Bowling Green, Ky., have announced two economic development projects for the area: the opening of Metalworks Recycle-Reload and the expansion of Owl’s Head Alloys’s secondary aluminum smelter. The two projects will add 50 jobs and represent more than a $5.1 million investment in the state.
Owl’s Head Alloys, established in 2002, is a secondary aluminum recycling facility. The company will add 12,000 square feet to its existing 48,000 square-foot operation. The expansion will allow the company to install an additional smelting furnace. The expansion project will result in 30 new jobs and a $3 million capital investment.
Metalworks Recycle-Reload is a new company, and will be involved in processing all types of non-ferrous metals. The company will lease a 30,000 square-foot facility next to Owl’s Head Alloys. The startup project will create 20 new jobs and represents a capital investment of more than $2.1 million.
The Kentucky Economic Development Finance Authority preliminarily approved Owl’s Head Alloys for tax benefits up to $400,000 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 preliminarily approved Metalworks Recycle-Reload for up to $500,000 in tax incentives through the Kentucky Business Investment program.
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