Tuesday October 25, 2011
Mayor Greg Fischer and executives of Drexel Metals announced today that the company will locate a new facility in Louisville to provide service to the Midwest and South Central U.S. The move will create 25 new jobs and will entail $1.5 million investment in new equipment and building expense and $1.5 million in new annual payroll.
“Drexel Metals is a great addition to our city and business sector, and a perfect example of why our logistics hub is so attractive to businesses and vital to their success,” said Fischer. “I look forward to working with Drexel Metals and its management, and am pleased to welcome them to Louisville.”
Drexel Metals, Inc is a leading supplier of equipment, materials and technical support for the regional manufacturing of metal roofing. Drexel Metal Roof Systems supplies contractors and distributors with the equipment and materials to fabricate metal roofing panels on-demand through a low-cost supply chain versus purchasing pre-fabricated metal roofing panels.
“Louisville's unique location, quality workforce and business-minded community made it easy for us to put Louisville close to the top of our list. The Kentucky Business Incentives enabled us to not just select Louisville for our single largest investment to date, but start the process of hiring people to staff this project earlier in the process than we normally would," said Rob Waite, CEO, Drexel Metals Inc.
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved Drexel Metals for tax incentives up to $500,000 through the Kentucky Business Investment program. The performance-based incentive will allow Drexel to keep a portion of its investment over a 10-year period through corporate income tax credits and wage assessments by meeting job and investment targets.
“The expansion of Drexel Metals is exciting news, creating more than two dozen new jobs and a nearly $3 million investment in Kentucky,” said Governor Steve Beshear. “The strong partnership shared between state and local economic development leaders and the private sector is once again yielding economic opportunities for the citizens of Jefferson County. I am pleased this cooperative effort has helped facilitate the growth of Drexel Metals, and I wish them continued success for years to come.”
“Welcoming Drexel Metals to Louisville is a success in both job growth and the addition to our strong regional manufacturing sector,” said Joe Reagan, President and CEO of Greater Louisville Inc. “Drexel Metals is yet another example of how successful business practices can be partnered with energy efficiency and green initiatives to serve as a responsible corporate citizen.”
For more information on Drexel Metals, visit www.drexmet.com.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.
A detailed community profile for Louisville (Jefferson County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=085.