A $365 million investment and more than 140 new jobs are on the horizon for Todd County residents.
On Tuesday, Governor Andy Beshear announced a Phase 2 expansion of the recently-opened aluminum producer and recycler Novelis, in what is a quick decision by management to move forward with expansion just two months after its ribbon cutting.
In this expansion, Novelis will construct a new sheet ingot casting, shredding, and recycling center with an annual capacity of 240,000 tons to serve the automotive market — which will be located adjacent to the existing automotive finishing plant on Old Railroad Lane in Guthrie.
At the time of its grand opening, the facility included a $300 million-plus investment and the creation of 150 jobs — including more than 100 Kentucky residents.
Novelis also operates a 130-employee beverage can recycling facility in Berea that opened in 1989.
During the ribbon-cutting two months ago, Novelis Senior VP and President Tom Boney noted that this project was the first new construction in Kentucky for the company in nearly 40 years.
click to download audioTo encourage this investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program.
The performance-based agreement can provide up to $5 million in tax incentives based
on the company’s investment of $364.2 million and annual targets of:
*Creation and maintenance of 138 Kentucky-resident, full-time jobs across 15 years; and
*Paying an average hourly wage of $38 including benefits across those jobs.