FRANKFORT, Ky. – Handrail manufacturer Hollaender Manufacturing Co. plans to set up an operation in Somerset with a $667,000 investment expected to create up to 16 full-time jobs, Gov. Matt Bevin announced Wednesday.
“Hollaender Manufacturing Co. has a long track record of success, and we are grateful that the company has selected Somerset for its first Kentucky location,” Gov. Bevin said. “This will be a beneficial project for the skilled local workforce, with the potential for growth and an even greater impact in the future. We are excited to see what lies ahead for Hollaender here in Kentucky, America’s center for engineering and manufacturing excellence.”
Hollaender leadership selected a 12,000-square-foot facility in Somerset for its new location in an effort to better serve existing and future customers. The company will manufacture its line of Speed-Rail® mechanical fittings at the location. Hollaender’s investment is expected to cover the cost of new equipment to meet current production requirements. The facility also provides the opportunity for future growth based on increased customer demand.
“We are extremely excited about our new manufacturing operation in Somerset,” said Marc Cetrulo, president and COO of Hollaender. “After an extensive search that included several states, we felt the skilled labor force in this area will provide a tremendous boost to our long-term growth plans. We are extremely grateful to all those at the state level and in Pulaski County who worked so hard to bring this plan to fruition.”
Since 1946, Hollaender has operated as a family owned business based in Cincinnati. Its primary products include structural pipe fittings and handrail systems. The company’s products are used in a wide variety of locations, including Kennedy Space Center and Cape Canaveral, US Army Corps locks and dams, Kings Island and Six Flags Disney World, as well as offshore oil platforms and power plants around the world.
Sen. Rick Girdler, of Somerset, thanked the company for its decision to locate in the area.
“It is always a privilege to announce new investments and job opportunities for our district,” Sen. Girdler said. “With a rapidly growing demand for manufacturing, I would like to extend my gratitude to Hollaender Manufacturing Co. for this much-welcomed investment to Somerset and the commonwealth.”
Rep. David Meade, of Stanford, said the project is reflective of continued economic growth.
“I’m thrilled to see this exciting new manufacturing announcement in Somerset, which is the latest sign that our economy is on the upswing,” Rep. Meade said. “This investment has the potential to be a shot in the arm for our part of the state, and I look forward to seeing it get off the ground.”
Somerset Mayor Alan Keck said the company provides a great opportunity for the local workforce.
“We are grateful and excited Hollaender chose to locate in Somerset. They are bringing high quality jobs and providing living wage career opportunities,” Mayor Keck said. “I fully trust our workforce will meet their needs and hopefully grow and develop alongside this great family business.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $300,000 in tax incentives based on the company’s investment of $667,000 and annual targets of:
Creation and maintenance of 16 Kentucky-resident, full-time jobs across 15 years, and
Paying an average hourly wage of $26.47 including benefits across those jobs.
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 and/or wage assessments.
In addition, Hollaender can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.
For more information on Hollaender, visit www.Hollaender.com.