FRANKFORT, Ky. (March 21, 2016) – Executives from Superior Composites Co. LLC joined state economic development and local officials today in Vanceburg to mark the start of a $2.5 million expansion. It is expected to create 32 new full-time jobs at the company’s glass reinforcements production facility.
The project comes less than a year after Superior Composites was spun off as an independent business and will position the company for long-term growth. The plant produces continuous filament glass fiber reinforcements and veils used in a variety of markets in the global composites industry. Customers use its products to make automotive and transportation components, specialty pipe for oil, gas and chemicals transmission, composite window and door frames, marine components and many other end-use products.
“Superior Composites’ decision to expand in Kentucky reinforces the fact that our state continues to be a national leader in manufacturing growth,” said Governor Matt Bevin. “Our business climate, skilled workforce, low utility costs, and location advantages give manufacturers the competitive edge they need. We are pleased and grateful that Superior Composites will continue investing in the Commonwealth and will create many new jobs for the northeast Kentucky region.”
Superior Composites will add 20,000 square feet to its existing facility for a total of 156,000 square feet. Company leaders expect to complete the expansion by summer’s end.
“We appreciate the extraordinary support provided by the Commonwealth of Kentucky, Lewis County and the City of Vanceburg,” said Kenn Moritz, CEO of Superior Composites. “We are very proud to be expanding right here in Lewis County.”
“The expansion will serve the growing needs of our customers and enhance Superior Composites’ continued leadership in manufacturing glass reinforcement mat and veils for the global composites industry,” added Jason Takac, chief operating officer of Superior Composites.
Sen. Steve West, of Paris, commended the company for its expansion.
“As a returning investor in Kentucky jobs, I thank Superior Composites for its continued interest in our state. I welcome Superior Composites’ expansion of its Vanceburg operation and look forward to the new opportunities brought to the region,” West said.
House Majority Floor Leader Rocky Adkins, of Sandy Hook, called the investment by Superior Composites great news for Lewis County and the entire region.
“These jobs will improve our economy and produce great employment opportunities for our people, both now and in the future. I want to thank Superior Composites for their commitment and investment in Lewis County,” Adkins said.
Lewis County Judge-Executive Todd Ruckel applauded the announcement.
“I thank Superior Composites for this investment in Lewis County. Coming from one of our valued corporate citizens, it demonstrates to other companies both in the county and elsewhere that businesses investing in Lewis County will find the support and resources they require to be successful,” Ruckel said.
Vanceburg Mayor Matt Ginn welcomed the additional jobs and new investment.
“For years this plant has been a solid contributor to both the City of Vanceburg’s employment base and economy. I welcome this new investment by Superior Composites and thank the company for its growth,” Ginn said.
To encourage the company’s investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) at its May 2015 meeting preliminarily approved Superior Composites for tax incentives up to $500,000 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.
Additionally, KEDFA approved Superior Composites for up to $50,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
Superior Composites can also receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies are eligible to receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. Last year, the Kentucky Skills Network trained more than 84,000 employees from more than 5,600 Kentucky companies.
For more information on Superior Composites, visit www.SuperiorCompositesCo.com.
A detailed community profile for Vanceburg (Lewis County) can be viewed here.
The Kentucky Cabinet for Economic Development is the primary state agency responsible for encouraging new jobs and investment in the state. New capital investment announced in Kentucky in 2015 totaled a state record $5.1 billion, spurring more than 16,000 projected new jobs. Information on available industrial properties, workforce development assistance, incentive programs, community profiles, small business development and other economic development resources is available at www.ThinkKentucky.com.