Wolf Steel USA Inc. Grows Through Kentucky Incentive Program

A Grant County manufacturer of stoves, fireplaces, parts and accessories will add more than 72,000 square feet to its existing 39,000-square-foot facility to increase warehousing, distribution and manufacturing space.

By
Bill McMeekin
On Wednesday, September 7, 2011 - 13:00

A Grant County manufacturer of stoves, fireplaces, parts and accessories will add more than 72,000 square feet to its existing 39,000-square-foot facility to increase warehousing, distribution and manufacturing space.

Wolf Steel USA Inc. Creates Jobs, Helps Economy

Wolf Steel USA Inc.'s project is one of the first to be approved by the Kentucky Economic Development Finance Authority under Kentucky’s new incentive program, the Kentucky Business Investment Program, or KBI. KEDFA preliminarily approved Wolf Steel USA for up to $360,000 in tax incentives, which can be earned over a 10-year period through corporate income tax credits and wage assessments. The maximum annual approved amount to be earned is $36,000.

Wolf Steel USA anticipates the expansion to be complete March 2010, resulting in the initial creation of 15 new jobs growing to 18 over the term of the agreement. The project represents a capital investment of over $3.2 million in the Commonwealth.

“We are delighted Wolf Steel USA has made the decision to further expand its Grant County operation, creating new jobs and additional investment in the Commonwealth,” said Gov. Steve Beshear. “The expansion of our existing industries is vital to the growth of our economy, so we are pleased to have played a role in helping another Kentucky business succeed.”

The business incentive program is a result of Gov. Beshear’s Incentives for a New Kentucky legislation, sponsored by Rep. Tommy Thompson, D-Owensboro, and passed during the 2009 Extraordinary Session of the Kentucky General Assembly. The KBI program consolidates four incentive programs into a single, more flexible program for new and expanding businesses.

“We are proud to expand our facility in Kentucky as demand for our Napoleon Fireplaces and Gas Grills grows, and appreciate the help of the Kentucky Cabinet for Economic Development," said Stephen Schroeter, administration manager for Wolf Steel USA.

KEDFA also approved Wolf Steel USA for tax benefits up to $66,400 under the Kentucky Enterprise Initiative Act, an incentive program that allows approved companies to recoup sales and use tax on building and construction materials, research and development equipment and electronic processing equipment.

“We are very excited that Wolf Steel USA has decided to make such a huge investment within our community,” said Crittenden Mayor Gayle Cayton. “The creation of 15 to 18 new jobs will definitely have a positive impact on our local economy.”

“Our future economic well-being is dependent upon job creation at home,” said Grant County Judge Executive Darrell Link. “We are proud that Wolf Steel continues to invest in Grant County and provide jobs for our young people. I am especially appreciative of the many partners that work with our business community including Governor Beshear, the Kentucky Cabinet for Economic Development, the Grant County Industrial Authority, and the city of Crittenden, all of which played a large role in making this announcement a reality.”

A community profile for Grant County can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=107.

ABOUT THE AUTHOR

A graduate of Saint Bonaventure University, Bill is a veteran business journalist, editor and publisher.