PTC Seamless Tube Corp. To Establish Manufacturing Operations In Hopkinsville, KY
PTC Seamless Tube Corp., a subsidiary of PTC Group Holdings Corp., plans to create up to 283 jobs in Hopkinsville, KY, where the company expects to invest more than $102 million to establish a manufacturing operation.
â€śWith 283 new jobs and more than $102 million in investment, PTC Seamless Tube Corp. will have a long-lasting impact on the Hopkinsville community and the Commonwealth as a whole,â€ť said Kentucky Gov. Steve Beshear. â€śKentuckyâ€™s high quality workforce and ideal strategic location will play key roles in building a solid future for PTC in the Commonwealth.â€ť
PTCâ€™s renewed focus on Hopkinsville represents a shift in the companyâ€™s operations from producing more traditional mechanical tubular products toward producing seamless steel tubes for the energy industry, such as oil country tubular goods (OCTGs), which include high strength tube products used in oil and gas wells and certain other industrial applications.
Another subsidiary of PTC Seamlessâ€™ parent company formerly operated a manufacturing facility in Hopkinsville that produced tubular goods primarily for the automotive industry. PTCâ€™s parent company was forced to shift its manufacturing closer to its customer base, and consequently decided to close its Hopkinsville facility.
As part of this project, PTC will retrofit and expand the former Hopkinsville facility, which will ultimately include approximately 256,000 square feet of building area. The project will involve the acquisition of property adjacent to the existing site, re-working the layout of the facility and the installation of manufacturing equipment.
â€śWe are very pleased to be returning to Hopkinsville, where we have a long history of working with the community to create meaningful employment opportunities in manufacturing,â€ť said Peter Whiting, chairman, president and CEO of PTC Group Holdings Corp. â€śWe are also grateful for the help and support we received from Gov. Beshear and the team at the Cabinet for Economic Development, who helped us as we went through the process of analyzing our options for the relocation of our business expansion.â€ť
To encourage the investment and job creation in Hopkinsville, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $12 million 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.
KEDFA also approved PTC for tax benefits up to $500,000 through the Kentucky Enterprise Initiative Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
â€śThis is a great day for our community on several fronts, beginning with the sizeable investment and the significant addition of these new jobs,â€ť said Rep. John Tilley, of Hopkinsville. â€śIt also means a lot to see one of our existing facilities being re-purposed in such a positive way. I really appreciate PTCâ€™s decision to take this step, and that our local and state economic development officials could work together to help make this happen.â€ť
â€śWe are pleased that PTC Seamless Tube Corp. has made the decision to bring this new project to the facility in Hopkinsville,â€ť said Hopkinsville Mayor Dan Kemp. â€śWe believe bringing this new business into our community is a testament to the support we give to local businesses. We are very proud of the confidence PTC has in growing their operation here.â€ť