Accuride Corporation (NYSE: ACW) is investing $5.8 million to install a new state-of-the-art powder coating line at its steel wheel production facility in Henderson, Kentucky.
The paint technology upgrade will stabilize the current employment level at the plant with expectations to add 30 jobs as Accuride and the North American trucking industry gain momentum over the next few years.
A manufacturer of steel wheels for commercial vehicles, Accuride’s Henderson facility was established in 1974 as part of what was then Firestone Steel Products, the forerunner of Accuride Corporation. The plant employs about 160 associates and operates its 364,000-square-foot manufacturing center on 118 acres in Henderson.
Accuride’s customer base includes heavy-duty commercial truck and trailer original equipment manufacturers, commercial vehicle fleets, and distributors in the commercial vehicle aftermarket. The Henderson facility also is home to Accuride’s wheel research and development center, as well as the company’s wheel product development and testing facilities.
To encourage the investment and job growth in Henderson, the Kentucky Economic Development Finance Authority 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 term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.