Two manufacturing companies looking at NKY would create jobs

Two manufacturing companies are considering a move to Northern Kentucky. Corrosion Resistant Reinforcing and Load Banks Direct LLC would add 50 jobs to the community and create more than $9 million in total investment if the relocation happens.
 
Corrosion Resistant Reinforcing, which receives stainless steel concrete reinforcing bar in coils and then straightens the coil to the desired lengths required for different jobs, is considering building a new facility in Walton. It is a new subsidiary of Evendale-based Contractors Materials Company.
 
The company would spend $1 million on land, $4 million on building construction and $3 million on other equipment. The new company would create 10 jobs in the Northern Kentucky economy. The project received preliminary approval for $200,000 in tax incentives over 10 years from the Kentucky Business Incentive program, and up to $100,000 in tax benefits through the Kentucky Enterprise Act, which allows approved companies to recoup Kentucky sales and use the tax on construction costs, building fixtures, equipment used in research and development, and electronic processing equipment.
 
Load Banks Direct, a manufacturer of high-capacity load banks used in the commissioning, testing and maintenance of standby emergency power systems, is looking at building a new facility in Erlanger to meet demands.
 
The company would spend more than $1.2 million on building and improvements, $30,000 on equipment and $15,000 on other startup costs. It would create 40 jobs, and received preliminary approval for $200,000 in tax incentives over 10 years from the KBI program.
 
By Caitlin Koenig
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