Hickory, Ky. – Gov. Steve Beshear joined company and community officials in Hickory to announce the expansion of Remington Arms Company, one of the largest domestic producers of shotguns and rifles. The company will add 100 new jobs to the Graves County facility and invest $5 million as a result of the project over the next three years.
Founded in 1816, Remington is one of the nation’s oldest continuously operating manufacturers of shotguns and rifles. The company operates multiple manufacturing facilities within the United States and performs all significant R&D at its facility in Elizabethtown, Ky. Remington, which currently employs 91 Kentuckians in Hickory, plans to add 30,000 square feet to its existing 44,000 square-foot facility to accommodate the relocation of certain rifle production lines from Connecticut.
“Remington’s current operations in the Commonwealth contributed $33 million in Gross State Product in 2009, supporting a total of 268 full-time, permanent jobs, generating nearly $10 million in annual compensation for Kentucky residents and more than $3.7 million in state and local tax revenues,” said Joe Gross, COO of Freedom Group, the parent company of Remington Arms.
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved Remington Arms Company for tax incentives up to $4.5 million through the Kentucky Business Investment program, which can be earned over a 15-year period through corporate income tax credits and wage assessments.
KEDFA also approved the company for up to $45,000 through the Kentucky Enterprise Initiative Act, an incentive program that allows approved companies to recoup Kentucky sales and use tax on the cost of construction materials, building fixtures and equipment used for research and development. Additionally, KEDFA approved a $250,000 Economic Development Bond grant to the Graves County Fiscal Court for the benefit of Remington Arms Company.
For Information: Remington Arms Company
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