An Iowa-based company plans to open a manufacturing facility in Mason County that is expected to create more than 100 jobs over the next 10 years.
Precision Pulley and Idler, or PPI, a supplier of idlers, pulleys, bearings and other products to the major bulk and material handling component industries, will locate a $10.75 million manufacturing operation in Maysville it was announced Friday.
“The 134 jobs associated with this project will greatly benefit the regional economy, and the local workforce stands ready to ensure the company’s success in the commonwealth,” said Gov. Matt Bevin. “We are grateful to PPI for this significant investment and look forward to seeing their operation grow in the years ahead.”
A PPI plant similar to this one will be built in Maysville. (Photo provided)
PPI will locate in an existing 105,000-square-foot building on Progress Drive, providing room for both manufacturing and distribution operations. Selecting Mason County puts PPI in the same region as a high percentage of its customers. The building offers capacity to serve new demand for PPI’s package and baggage handling product lines, and provides additional space in the event of a natural disaster or other factors that could hinder production, ensuring the company can serve its customers without interruption.
“The addition of this facility in Maysville allows for additional capacity to meet growing demands both now and into the future,” said Roger Brown, the company’s president and CEO.
“We are very excited to become a part of the Maysville community and expect to be an active member of the community for many years. We are honored to now call Maysville home.”
The new plant will produce products for the fast-growing Unit Handling segment, which includes baggage and package handling, and will be in addition to facilities in Corning, Iowa.
The actual closing on the facility will happen in January, the company says. At that time activity will commence on this project. Their goal is to be operational in September 2019
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PPI, founded in 1977 and headquartered in Pella, Iowa, provides idlers, pulleys, take-up frames and bearings for cement, grain, forestry, power, package and unit handling, coal, hard rock, aggregate and contract manufacturing businesses. The company operates 12 facilities in the U.S., including manufacturing operations, service centers and training centers, as well as locations in Canada and Chile. PPI is 100 percent employee owned through an Employee Stock Ownership Plan.
The Kentucky Economic Development Finance Authority gave preliminary approval this month for tax incentives up to $2.1 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
In addition, PPI can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.
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