Truck Equipment & Body Co (TEBCO) of Kentucky recently kicked off a $2 million expansion project that increases production capabilities and adds jobs in Eastern Kentucky.
The project will see TEBCO of Kentucky renovate and equip a facility in Stanton KY to establish a 43-job custom dump truck body and truck equipment manufacturing operation, the truck body manufacturer said.
“Ensuring Kentuckians have quality job opportunities is perhaps more important than ever, and we at the state level are doing all we can to create and strengthen new and existing business relationships to make that possible,” Kentucky Gov Andy Beshear said. “TEBCO of Kentucky has been a reliable employer in the commonwealth for nearly 30 years, and its continued growth is a clear boost to the Eastern Kentucky region.
“Our thanks go to the company for its commitment to the state and its dedicated workforce.”
Located at 100 Reed Court in Stanton, the new 40,000-square-foot operation will allow TEBCO of Kentucky to better support its rapidly growing customer base, the company said. The operation will use state-of-the-art manufacturing equipment for steel and aluminum cutting and forming, as well as provide in-house engineering space. The new location could increase the company’s current production capacity by four times in the coming years, while also improving quality control measures. Company leaders anticipate the facility will be operational by the third quarter of 2020.
“Despite these difficult and uncertain times, TEBCO of Kentucky’s management team remains confident about the future and is pleased to announce this expansion of our current operations,” said Brandon Faulkner, vice president and general manager of TEBCO of Kentucky. “We are grateful to Gov Beshear, the commonwealth of Kentucky, Powell County, the city of Stanton, Powell County Industrial Development Authority and state agencies such as the Kentucky Economic Development Financing Authority and the Kentucky Skills Network for their support of this project.
“We would also like to thank Madison County and the city of Richmond for their unwavering support and assistance over the years. We look forward to creating new innovative products in the dump truck body market as well as other markets, increasing service to new and existing customers, and creating new employment opportunities for nearly 50 Kentucky families in the Eastern Kentucky region.”
Headquartered in Richmond, TEBCO of Kentucky was established in 1991 to produce custom dump truck bodies and other truck equipment. In addition to its Richmond facility, the family-owned company operates a location in Winchester. TEBCO of Kentucky currently employs approximately 50 Kentuckians and serves a range of industries, including mining, aggregate and construction and industrial among others.
Sen Albert Robinson, of London KY, said the project comes at a crucial time for the region and state.
“This investment by TEBCO of Kentucky does more than just bring dozens of jobs into the Stanton community,” Robinson said. “With the investment comes a sense of stability and hope that I am certain the people of the 21st Senate District, and all of Kentucky, need right now. I am grateful to companies like TEBCO of Kentucky for keeping our economy moving by producing high-caliber equipment that businesses in Kentucky and across the United States need.”
Rep David Hale, of Wellington, hailed the company’s long history in Kentucky.
“Truck Equipment & Body Co of Kentucky has economically impacted this commonwealth since 1991 and continues to grow,” he said. “TEBCO of Kentucky’s new $2 million investment will enhance Stanton and surrounding communities by providing more opportunities for economic growth and higher paying jobs.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in March preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $750,000 in tax incentives based on the company’s investment of $2 million and annual targets of:
- Creation and maintenance of 43 Kentucky-resident, full-time jobs across 15 years
- Paying an average hourly wage of $17, including benefits across those jobs
By meeting its annual targets over the agreement term, TEBCO of Kentucky will be eligible to keep a portion of the new tax revenue it generates. The company also may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, TEBCO 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.
“We appreciate the impact the TEBCO of Kentucky project will have on our local economy,” said Craig Dawson, Powell County Industrial Development Authority director. “This is a great opportunity for our community.”
Visit tebcoky.com for more information.