FRANKFORT, Ky. (Dec. 19, 2016) – Gov. Matt Bevin congratulates Precision Tooling Products LLC, a family-owned machine shop that grew into a niche manufacturer of suppressors for the firearms industry, on opening its $450,000 expansion in Graves County, a project adding 10 full-time jobs.
“Companies like Precision Tooling Products exemplify the manufacturing and engineering expertise that Kentucky is known for around the world,” Gov. Bevin said. “With this investment, the company will expand its customer base and, just as importantly, create jobs for Western Kentucky families. I congratulate Precision Tooling Products and look forward to their continued success.”
The company’s investment includes new equipment to increase production of suppressors for pistols and rifles at its facility near Mayfield. The project allows Precision Tooling Products to move from one shift of six employees to two-to-three shifts with 16 or more employees in the coming years.
“We are very excited to be able to invest in our local Graves County community. The exponential growth opportunity in the suppressor industry is immeasurable and we have new innovative ideas and designs to implement as well as a large market to supply,” said Tim Fulton, co-owner of the company. “This expansion is instrumental in the growth of our company as well as our community. We are proud to be able to work with the Graves County Economic Development team and the State of Kentucky to further expand our manufacturing operations.”
Father and son Tim and Josh Fulton opened Precision Tooling Products in 2006 as a contract machine shop offering CNC machining, grinding, honing and assembly services. They shifted to production of their own products in 2013, developing five lines of silencer/suppressors and establishing the brand PTP Tactical in 2014. Tim’s wife, Lori, joined as manager and co-owner and, in the past two years, they increased production through facility and equipment investments. Recently the company’s Chief .30 caliber suppressor design received a U.S. patent. Precision Tooling Products has grown to supply more than 200 gun dealers in 25-plus states. Earlier this year, the company established a relationship with Murski-Breeding Sales to reach the national market.
Sen. Stan Humphries-R, of Cadiz, showed his appreciation for the company’s decision to expand in Graves County.
“We are happy to see this expansion and new investment in the Mayfield area by Precision Tooling,” Sen. Humphries said. “This company has been a valued member to our existing business community; so obviously, the more jobs we can help them create, the better off we will be. Thank you to PTP Tactical and to the Cabinet for Economic Development for attracting this new $450,000 investment, and I wish you continued success and prosperity in Graves County.”
Rep. Richard Heath-R, of Mayfield, congratulated the company on its latest investment and wished it well in its future ventures.
“I want to congratulate PTP Tactical on this impressive expansion,” Rep. Heath said. “PTP Tactical’s newest investment in our community will stimulate our local economy while ensuring the availability of American-made firearm accessories. I wish them great success as they continue to become strong economic partners of Graves County, and look forward to seeing their future accomplishments.”
Graves County Judge-Executive Jesse Perry said the announcement is the latest example of the community’s growth.
“I am so proud that Precision Tooling Products LLC is expanding in Graves County. This is our next step in seeing Graves County grow and prosper,” Judge Perry said. “We have already seen an impact of influence with Precision Tooling Products LLC employment for years operating in Graves County. We look forward to their continued growth and building strong ties in the community.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority in December preliminarily approved the company for tax incentives up to $200,000 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.
Precision Tooling also 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. In fiscal 2016, the Kentucky Skills Network provided training for nearly 95,000 Kentuckians and 5,000 companies from a variety of industry sectors.
For more information on Precision Tooling’s brand, PTP Tactical, visit http://ptptactical.com.
A detailed profile for Graves County can be viewed at http://bit.ly/GravesCo.
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.