General Motors Corp. plans to invest $290 million to improve technology and processes at its Corvette plant in Bowling Green, Gov. Matt Bevin announced today.
“GM has a long tradition of commitment to southcentral Kentucky and to producing, in Warren County, the finest sports cars in America,” said Gov. Bevin. “This benefits our entire state, both as a source of pride and as a tremendous contributor to our economy.
“For 35 years, the Bowling Green Assembly Plant has provided jobs to thousands of Kentuckians and to hundreds of suppliers and vendors. We congratulate GM and offer our commitment to lending them support for this project and any others they may undertake in the future,” continued Gov. Bevin.
The $290 million includes a $153 million new project aimed at improving vehicle assembly line processes. Two ongoing projects at the Warren County plant – a $44 million, 36-job capacity expansion of the Performance Build Center and a $439 million investment in a new paint shop and other facility upgrades – increased by about $137 million.
“We are making technology investments that will continue to improve our manufacturing processes and ultimately the quality of our vehicles,” said North American Manufacturing Manager Arvin Jones. “We are putting Corvette customers first by building upon our world-class manufacturing process.”
To encourage the investment and job growth in Bowling Green, the Kentucky Economic Development Finance Authority (KEDFA) in a special meeting in June preliminarily approved GM for up to $3 million in tax incentives through the Kentucky Business Investment (KBI) program. The incentives are based on eligible company investments of up to $153 million and creation of up to 270 jobs over 10 years.
KBI’s performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
Sen. Mike Wilson, of Bowling Green, noted the impact the announcement will make on one of the state’s target industries. Continue reading