FRANKFORT, Ky (WEHT) – Helsinki, Finland-based Ahlstrom-Munksjö has introduced it should construct a second facility in Madisonville with a $70 million funding anticipated to create 51 new full-time jobs.
Ahlstrom-Munksjö officers famous North American market progress as the first driver for the challenge. The brand new facility will home a glass fiber tissue manufacturing line to make luxurious vinyl tiles and vinyl sheet supplies. The glass fiber tissue will even be marketed for constructing panels, vitality storage and thermoplastic molding for the transportation trade.
The corporate’s present 133-employee facility in Madisonville produces filtration supplies for automotive and industrial functions. Buyer deliveries from the brand new operation are anticipated to start out in mid-2023.
Madisonville Mayor Kevin Cotton lauded the group effort making the brand new operation doable.
“We’re very excited concerning the unbelievable alternative the Ahlstrom-Munksjö enlargement is offering to our neighborhood. The corporate has been a improbable neighborhood associate for a few years,” Mayor Cotton mentioned. “This announcement will instantly have an effect on not solely the Ahlstrom-Munksjö group but in addition the households of these group members and our neighborhood as an entire. I’m so appreciative of all which have labored so onerous to make this enlargement a actuality. I’m actually conscious that this enlargement resulted from the onerous work, dedication and devotion of many arms. These many arms are the arms of our households, our neighbors and our buddies that hope and work for nothing greater than the great and well-being of our neighborhood. It’s thrilling to see the momentum persevering with on enlargement and progress within the manufacturing and logistics discipline right here in Madisonville. This can be a big day for our neighborhood and one which I’m proud to play a small half.”
To encourage the funding and job progress in the neighborhood, the Kentucky Financial Improvement Finance Authority in December 2018 preliminarily authorized a 10-year incentive settlement with the corporate below the Kentucky Enterprise Funding program.
The performance-based settlement can present as much as $1 million in tax incentives primarily based on the corporate’s preliminary deliberate funding of $62.8 million and annual targets of:
- Creation and upkeep of 51 Kentucky-resident, full-time jobs throughout 10 years
- Paying a mean hourly wage of $30 together with advantages throughout these jobs.
For extra data on Ahlstrom-Munksjö, go to Ahlstrom-Munksjo.com.