Gov. Beshear: Vista Metals To Invest $60 Million in Aluminum Casting Facility in Bowling Green, Creating Over 50 Full-Time Jobs
Company creating high-wage jobs in Warren County to supply aerospace industry
FRANKFORT, Ky. (March 19, 2024) ? Today, Gov. Andy Beshear congratulated Vista Metals as Kentucky?s metals industry continues to grow at a rapid pace. Vista Metals ? a market leader in the manufacturing of specialty aluminum products primarily supporting aerospace, commercial aircraft, defense, automotive and general industrial applications ? plans to locate a new specialty aluminum products operation in Bowling Green, creating over 50 well-paying full-time jobs behind an approximate $60 million investment.
Initial site preparation is already underway, and Vista Metals will commence with a phased build-out to support the growth in its core markets.
?The growth of Kentucky?s metals sector is not slowing down anytime soon,? Gov. Beshear said. ?We have seen incredible investment across this industry in recent years, and Warren County has been among the leading communities for that growth. Thank you to the leaders at Vista Metals for this commitment to Kentucky. I look forward to seeing the business grow its presence in our state.?
As part of this project, Vista Metals plans to acquire more than 100 acres and the construction of a 75,000-plus-square-foot facility. Jobs created at the facility will include operations, planning, engineering and site management.
?We are excited to announce our new location in Kentucky, with a plan to bring over 50 new jobs to the area,? said Andy Primack, CEO of Vista Metals. ?Bowling Green is a growing city with a strong industrial business base. Critical to our success is their proven track record of attracting qualified manufacturing talent, the close interaction between business and education and their long-term community development plan. We look forward to growing our business and contributing to this great community.?
?The opening of Vista Metals in Kentucky underscores our commitment to the aerospace industry and our recognition of the importance of delivering robust supply chains,? said Kelly Thomas, president of Vista Metals.??This strategic investment will further support our customers? growth in aerospace as OEMs look to more than double commercial aircraft build rates over the next two decades. Given the recovery in the markets, and strong long-term growth outlook, our intent is to invest in a manner that will enable customers to test and qualify this facility ahead of the projected growth surge, along with ongoing investments in our people, processes and equipment at our existing facilities.?We look forward to growing our business in the aerospace industry and continuing to be a trusted partner to our customers.?
VMC Specialty Alloys LLC (dba Vista Metals Georgia) operates under a licensing agreement with Fontana, California-based Vista Metals Corp. Along with Vista Progressive Metals LLC (a producer of aluminum lithium products), the group of companies are market leaders in the manufacturing of specialty aluminum products supporting aerospace, commercial aircraft, defense, automotive and general industrial applications.
Warren County Judge/Executive Doug Gorman noted the region?s strength in supporting new business: ?I am thrilled that Vista Metals has chosen to invest in our community and bring new jobs to the area. Their decision to establish a new location in Warren County is a testament to the region's attractiveness for businesses seeking strategic growth opportunities. This expansion will not only create job opportunities but also further solidify Warren County?s position as a hub for innovation and manufacturing excellence.?
Bowling Green Mayor Todd Alcott said the community has the resources needed to ensure the company?s success: ?Vista Metals? investment underscores Bowling Green?s position as a prime destination for companies looking to capitalize on the region?s skilled workforce and robust infrastructure. We are proud to have Vista Metals as part of the business community and look forward to their continued success in our city.?
Ron Bunch, CEO of the Bowling Green Area Chamber of Commerce, highlighted the partnership required to make this project a reality: ?We are excited to welcome Vista Metals to Bowling Green. We highly appreciate their decision to choose our community for this exceptional project and extend our immense gratitude to our numerous partners, including Atmos Energy, TVA, Warren County Water District, Warren RECC, Scotty?s Contracting & Stone and our Presidents Club investors, for enabling us to succeed in such endeavors.?
Vista Metals? investment and job creation build on the best four-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling over $30.3 billion in announced investments, creating more than 52,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth?s history.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On?s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC?s $2 billion, 2,000-job gigafactory project in Warren County; Toyota?s $1.3 billion investment in Scott County; and INFAC North America?s $53 million investment in Taylor County, among others.
The Governor?s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody?s Investors Service upgraded Kentucky?s credit outlook from stable to positive.
This month, Site Selection magazine ranked Kentucky third nationally and first in the South Central economic development projects per capita in its 2023 Governor?s Cup rankings. Previously, Site Selection placed Kentucky first in the South Central region and top 5 nationally in its 2023 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear announced a ?Supply Kentucky? initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved a 15-year incentive agreement with Vista Metals under the Kentucky Business Investment program. The performance-based agreement can provide up to $2.5 million in tax incentives based on the Vista Metals? investment in capital and job creation.
Additionally, KEDFA approved Vista Metals for up to $500,000 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.
In addition, Vista Metals is entitled to receive resources from Kentucky?s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
For more information on Vista Metals, visit VistaMetals.com.
A detailed community profile for Warren County can be viewed here.
Information on Kentucky?s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
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