June 1, 2018 | Source: The Lane Report
FRANKFORT, Ky. (June 1, 2018) — Automotive supplier Corvac Composites LLC will expand production in Morgantown, Ky. with a $6.1 million investment expected to create 30 full-time jobs, Gov. Matt Bevin announced today.
“When a company makes the decision to locate in Kentucky, they often end up deciding to also expand here. That’s the case with Corvac Composites, who first opened their Morgantown facility 13 years ago,” Gov. Bevin said. “We are grateful that this company is establishing an even stronger presence in the community moving forward, and we wish both Corvac and Butler County much continued success.”
Corvac operates two facilities in Morgantown. For its new project, company leaders plan to purchase and install equipment at its 390 Industrial Drive North building. The investment will provide additional production capacity necessary to fill new business contracts.
“Corvac is pleased to make yet another investment in our Morgantown facilities,” said John Huber, vice president of Corvac Composites. “The award-winning performance of our employees has resulted in significant new business, and we wish to thank the South Central Kentucky Regional Economic Development Partnership for helping us make the investment happen.”
Corvac, a manufacturer of automotive underbody systems, brings more than 30 years of experience as a supplier of airflow management and water-deflection systems to OEM and Tier 1 manufacturers globally. The company’s thermoform manufacturing process uses a single-sided mold and vacuum to shape products, as opposed to traditional injection molding processes. Corvac operates facilities on three continents, including five operations in the U.S. Customers include Honda, Fiat Chrysler, Ford and Toyota, the largest purchaser of Corvac’s components.
Company leaders initially established Kentucky operations at 223 Industrial Drive South in Morgantown in 2005. They added the 390 Industrial Drive North location in 2010. Corvac employs 190 people across the two operations.
Sen. C.B. Embry, of Morgantown, expressed enthusiasm for the company’s commitment to the community.
“Corvac is an established community partner in the 6th Senatorial District,” Sen. Embry said. “I am thrilled the company will continue to grow its economic footprint in our region, and I look forward to the completion of Corvac’s expansion.”
Rep. Jim DeCesare, of Bowling Green, pointed to Kentucky’s business climate as a selling point for the growth of existing companies.
“Thanks to the pro-business policies passed over the past two years, companies such as Corvac Composites are expanding,” Rep. DeCesare said. “I’m grateful Corvac continues to invest into the rich community that is Morgantown.”
Morgantown Mayor Billy Phelps expressed gratitude for the company’s commitment to the region.
“Corvac Composites is one of Morgantown’s largest manufacturing employers and provides great careers to the people of our community,” Mayor Phelps said. “On behalf of the city of Morgantown, I congratulate plant manager John Huber and the employees of Corvac on their latest expansion.”
Butler County judge-executive David Fields pointed to the importance of Corvac’s presence in the community.
“Butler County is proud to have Corvac Composites in our business community,” Fields said. “Our region’s economy is largely made up of companies within the manufacturing sector, with nearly 30 percent of all jobs in Butler County in manufacturing. We thank Corvac for their continued support of our community and congratulate them on this wonderful project.”
Ron Bunch, president and CEO of Bowling Green Area Chamber of Commerce, noted the company’s role within the state’s automotive industry.
“We are excited to celebrate the success of Corvac Composites in Morgantown through our work with the south central Kentucky regional partnership,” Bunch said. “Their products are in high demand throughout the automotive industry and will continue to be with lightweighting and noise reduction being of top priority for manufacturers and suppliers across the world. We look forward to their future growth in Morgantown.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in May preliminarily approved the company for tax incentives up to $600,000 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.
In addition, Corvac 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 2017, the Kentucky Skills Network provided training for more than 120,000 Kentuckians and 5,700 companies from a variety of industry sectors.
A detailed community profile for Butler County can be viewed here.