ThePressReleaseEngine.com

Local news- Press Release
 Henderson Kentucky - $15 million expansion announced for Hydro Aluminum Metals 28 July 2022 ( news )

Henderson Kentucky - $15 million expansion announced for Hydro Aluminum Metals 28 July 2022 ( news )

Henderson , state Kentucky
| 12| 2
   
   FRANKFORT , Ky . ( July 28 , 2022 )  
   – Kentucky companies continue to implement innovative technology and increase production to better serve the evolving automotive market as today , Gov . Andy Beshear announced Hydro Aluminum Metals USA LLC , a producer of recycled aluminum products , will invest $15 million and retain up to 56 full - time employees at its Henderson plant .
   “Henderson is on a roll , and Hydro’s investment is just the latest in a series of exciting announcements brin......ging quality jobs and new opportunities for families in this community , ” said Gov . Beshear . “From the I - 69 Ohio River Crossing 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’s leadership for their continued investment in Kentucky and our workforce , and I look forward to seeing the company’s continued success for years to come . ”
   Hydro’s investment will support two projects simultaneously , including the installation of a new homogenization furnace to improve the facility’s ability to meet specifications within the growing U . S . automotive market . This will allow increased production of advanced alloys using recycled metals with a lower carbon footprint .
   The investment also will support a new baghouse – a state - of - the - art dust and gas collector to reduce air emissions – which will boost post - consumer scrap volume and allow Hydro to recycle a broader range of materials . The new baghouse also will improve the air quality inside the plant and reduce the overall environmental footprint from operations . Work on both projects is expected to begin in August and be completed by September 2024 .
   “At Hydro we want to accelerate the green transformation of the aluminum and automotive industries by increasing our use of post - consumer scrap to pull more used material into the value chain and promote a circular economy , while also delivering our automotive customers advanced , high - strength alloys , ” said Trond Gjellesvik , vice president of Hydro . “As carmakers continue to make metal substitution decisions , particularly for electric vehicles , our investments allow us to support our forward - leaning customers in reaching their climate ambitions . ”
   Seth Augustine , plant manager at the Henderson facility , noted the company’s history of success operating in Henderson County .
   “The first Hydro aluminum recycling plant built in the United States is here in Henderson , where we are pleased to have provided good career opportunities while supporting aluminum recycling throughout the Midwest now for nearly 25 years , ” Augustine said . “With these new investments , we look forward to doing so for the next 25 years and being a growing part of the expanding Kentucky automotive industry . ”
   Hydro’s investment supports production of recycled , low - carbon aluminum , including Hydro CIRCAL , the company’s proprietary advanced material . Hydro CIRCAL is made with a minimum of 75% recycled , post - consumer aluminum scrap . Once in full production , Hydro’s Henderson facility will produce 2 , 000 to 4 , 000 tons of Hydro CIRCAL products annually .
   Since 1905 , Hydro has converted natural resources into valuable products for customers across a range of industries . Currently , Hydro employs 31 , 000 people at more than 140 locations in 40 countries . The company has produced aluminum in North America since 1993 and employs more than 6 , 000 people within two business units , Hydro Aluminum Metals and Hydro Extrusions .
   Currently , more than 230 metals - related facilities operate in Kentucky , which employ approximately 25 , 000 state residents . Last year , Kentucky’s metals industry spurred $920 million in planned investment and roughly 1 , 600 announced full - time jobs for Kentuckians .
   State Sen . Robby Mills wished the company well as its leaders invest in the Henderson operation .
   “The investment Hydro Aluminum is making in Henderson is great news and speaks volumes for our workforce in Northwest Kentucky , ” Sen . Mills said . “Corporate citizens like Hydro do not invest the sums of money this announcement represents unless they are happy with their current business situation . I am thankful for Hydro and wish them and their Henderson team much success in the future!”
   State Rep . Jonathan Dixon said the company has been a great member of the community .
   “Hydro Aluminum has provided individuals with good - paying careers in Henderson .  They have continuously improved its facility with a focus on clean initiatives while maintaining a high - quality product , ” Rep . Dixon said . “It’s great to have a company like Hydro Aluminum that invests and cares about our community . ”
   Henderson County Judge/Executive Brad Schneider looks forward to continuing the partnership with Hydro .
   “On behalf of Henderson County Fiscal Court , I offer our thanks and gratitude to leadership at Hydro Aluminum for this investment in the facility here , ” Judge Schneider said . “Hydro has become an established , well - regarded member of Henderson County’s industrial community and we believe and hope this update of the plant means Hydro will remain a corporate citizen in our county for decades to come . ”
   Whitney Risley , director of existing industries and workforce development at Henderson Economic Development , expressed gratitude for the company’s commitment .
   “Henderson Economic Development is proud to highlight Hydro Aluminum’s investment at the Henderson facility . This investment is beneficial for the competitive product market for the automotive industry and the commitment to the community with a focus on clean initiatives , ” Risley said . “We appreciate the forward thinking of Hydro Aluminum . It is encouraging to see the continued growth in our existing industries . ”
   Hydro’s planned investment and job retention furthers recent economic momentum in the commonwealth , as the state builds back stronger from the effects of the pandemic .
   In 2021 , the commonwealth shattered every economic development record in the books . Private - sector new - location and expansion announcements included a record $11 . 2 billion in total planned investment and commitments to create a record 18 , 000 - plus full - time jobs across the coming years . Kentucky’s average incentivized hourly wage for projects statewide in 2021 was $24 before benefits , a 9 . 4% increase over the previous year .
   In the past year , the Beshear administration announced the two largest economic development projects in state history . In September 2021 , Gov . Beshear and leaders from Ford Motor Co . and SK Innovation
   celebrated
    a transformative $5 . 8 billion investment that will create 5 , 000 jobs in Hardin County . And in April of this year , the Governor was joined by leadership at Envision AESC to
   announce
    a $2 billion investment that will create 2 , 000 jobs in Warren County . These announcements solidify Kentucky as the EV battery production capital of the United States .
   The economic momentum has carried strongly into 2022 , with both S&P Global Ratings and Fitch Ratings upgrading Kentucky’s financial outlook to positive in recognition of the commonwealth’s surging economy .
   And Site Selection magazine placed Kentucky at 6th in its annual Prosperity Cup rankings for 2022 , which recognizes state - level economic success based on capital investments .
   Kentucky has posted new record low unemployment rates for three consecutive months , falling from 3 . 9% in April to 3 . 8% in May and 3 . 7% in June .
   In July , the Governor reported the highest annual growth rate in 31 years . And for the second year in a row , Kentucky’s General Fund budget surplus has exceeded $1 billion . Also in July , Gov . Beshear reported that the state’s Rainy Day fund is up to a record balance of $2 . 7 billion , significantly higher than the $129 million balance the fund had when the Governor took office .
   To encourage investment and job growth in the community , the Kentucky Economic Development Finance Authority ( KEDFA ) today preliminarily approved the company for up to $1 million in tax incentives through the Kentucky Reinvestment Act ( KRA ) based on the company’s investment of at least $8 . 8 million and retention of up to 56 full - time jobs at an average hourly wage of $49 . 80 , excluding benefits . KRA is designed to help companies make significant capital investments to become more competitive , retain employment and increase productivity and efficiency .
   By meeting its annual targets over the agreement term , the company can be eligible to keep a portion of the new tax revenue it generates . The company may claim eligible incentives against its income tax liability assessments .
   For more information on Hydro Aluminum , visit
   Hydro . com
    .
   





Press release information:
Direct link to press release: Click here .


Was this page helpfull ?



Advertisment

Similar

Henderson
Local news- Press Release

Henderson Kentucky : City named a 2020 Triple Crown winner in financial reporting

Henderson , state Kentucky

CHICAGO , Ill . - - Government Finance Officers Association of the United States and Canada ( GFOA ) has named the City of Henderson as a 2020 Triple Crown Winner . GFOA ' s Triple Crown designation recognizes governments who have received GFOA ' s Certificate of Achievement for Excellence in Financial Reporting ( or Canadian Award for Financial Reporting ) , Popular Annual Financial Reporting Award and Distinguished Budget Presentation Award the same fiscal year . [ . . . ]

Henderson
Local news- Press Release

Henderson Kentucky : KYTC releases draft long range statewide transportation plan for public review

Henderson , state Kentucky

FRANKFORT , Ky . ( Oct . 3 , 2022 ) – The Kentucky Transportation Cabinet ( KYTC ) is seeking input from Kentuckians on its policy - based 2022 - 2045 Long - Range Statewide Transportation Plan ( LRSTP ) to support a multi - modal network well into the future . [ . . . ]

Henderson
Local news- Press Release

Henderson Kentucky : 2022 property tax bills going out

Henderson , state Kentucky

HENDERSON , KY , September 30 , 2022– Property owners within the City of Henderson are now receiving their 2022 tax bills have until the end of the business day ( 5 p . m . ) on Tuesday , Nov . 15 , to receive a 1 percent discount . [ . . . ]

Henderson
Local news- Press Release

Henderson Kentucky : Fall milling paving project scheduled to begin

Henderson , state Kentucky

HENDERSON , KY , September 27 , 2022 – The City of Henderson is set to begin its fall schedule of milling and paving on Wednesday , Sept . 28 . The work , which is weather dependent , is expected to last two to three weeks . [ . . . ]

Henderson
Local news- Press Release

Henderson Kentucky : Household Hazardous Waste Day set for Oct 8

Henderson , state Kentucky

HENDERSON , Ky . - - Household Hazardous Waste Day 2022 is Saturday , Oct . 8 , 8 a . m . - noon , at Henderson County Recycling , 398 Sam Ball Way near Henderson County Fairgrounds . This event is a free , ONE - DAY service for Henderson County residents . [ . . . ]

Henderson
Local news- Press Release

Henderson Kentucky : Alert Center

Henderson , state Kentucky

Access various alerts including road closures , parking alerts , boil water advisories , and more . Alerts will be displayed at the top of the website when active . Visitors can also sign up to receive notifications on specific categories to always stay informed . [ . . . ]

Henderson
Local news- Press Release

Henderson Kentucky : Create an Account

Henderson , state Kentucky

With the MyAccount feature , you can customize your viewing experience , sign up for notifications , and engage in information you care about .

Henderson
Local news- Press Release

Henderson Kentucky : Stay Connected

Henderson , state Kentucky

Notify Me allows you to subscribe to an unlimited number of email lists . Receive email or text message updates regarding the information you have requested .

Henderson
Local news- Press Release

Henderson Kentucky : Report a Concern

Henderson , state Kentucky

Use Citizen Request Tracker to notify us about a general concern , comment , or compliment . Visitors can also log in to check on the progress of existing requests .

Henderson
Local news- Press Release

Henderson Kentucky : Two partial street closures set for Sept 13

Henderson , state Kentucky

HENDERSON , KY , September 7 , 2022– Work in two separate areas of the City of Henderson will prompt a closed intersection and restricted traffic lanes on Tuesday , Sept . 13 . Henderson Water Utility will be working at the intersection of Barret Boulevard and U . [ . . . ]


Advertisment