Hydro Aluminum Metals USA, a producer of recycled aluminum products, will upgrade its plant in Henderson, Kentucky. The $15 million project is expected to retain 56 jobs.
The investment will support the installation of a new homogenization furnace to improve the facility’s ability to meet automotive market specifications, as well as a new bag filter, dust and gas collector at the end state-of-the-art technology to reduce air emissions, which increases the volume of post-consumer waste and allows the company to recycle a wider range of materials. Work is expected to begin in August and end in September 2024.
“At Hydro, we want to accelerate the green transformation of the aluminum and automotive industries by increasing our use of post-consumer waste to integrate more used materials into the value chain and promote a circular economy, while offering our automotive customers with advanced technologies and high-quality tough alloys,” said Trond Gjellesvik, Vice President of Hydro. “As automakers continue to make metal substitution decisions, especially for electric vehicles , our investments allow us to support our forward-thinking customers in achieving their climate ambitions.”
“Henderson is on the right track, and Hydro’s investment is just the latest in a series of exciting announcements bringing good jobs and new opportunities to families in this community,” Governor Andy said. Beshear. “From crossing the I-69 Ohio River to landing the largest economic development project in Western Kentucky in 25 years, this is an exciting time for Henderson and the entire region. I want to thank Hydro leaders for their continued investment in Kentucky and our workforce, and I look forward to seeing the company’s continued success for years to come.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) today preliminary approved up to $1 million in tax incentives through the Kentucky Reinvestment Act (KRA) based on a company investment of at least $8.8 million. and maintaining a maximum of 56 full-time jobs at an average hourly wage of $49.80, excluding benefits. KRA is designed to help businesses make significant capital investments to become more competitive, retain jobs, and increase productivity and efficiency.
By achieving its annual objectives over the term of the agreement, the business may be eligible to retain a portion of the new tax revenue it generates. The company can claim qualifying incentives against its income tax.
“Henderson Economic Development is proud to highlight Hydro Aluminum’s investment in the Henderson plant. This investment benefits the automotive industry’s competitive product marketplace and commitment to the community with a focus on clean initiatives,” added Whitney Risley, Director of Existing Industries and Workforce Development. work at Henderson Economic Development. “We appreciate Hydro Aluminum’s forward-thinking vision. It is encouraging to see the continued growth of our existing industries. »