Gov. Beshear: PEAK Precision Manufacturing To Establish New Operation in Bowling Green With $3 Million Investment Creating 24 New Jobs

Location will be company's first in the commonwealth

FRANKFORT, Ky. (July 25, 2024) - Today, Gov. Andy Beshear highlighted the continuing momentum within the state's manufacturing industry as PEAK Precision Manufacturing, a start-up mass production and manufacturing business, will establish a new facility in Bowling Green with a $3 million investment creating 24 new, full-time, Kentucky jobs.

"The commonwealth's manufacturing industry continues to grow at an incredible rate, leading the way for our surging economy and providing opportunities for Kentuckians in every corner of the state," said Gov. Beshear. "PEAK Precision's choice to locate in Bowling Green is a testament to our state's unique resources and talented workforce. I want to thank company leadership for their belief in our great state and I look forward to PEAK Precision's success for many years to come here in Kentucky."

PEAK Precision's new manufacturing facility, the company's first operation in the commonwealth, will locate in a 21,000-square-foot leased facility at 2859 Industrial Drive in Bowling Green. The investment will see the company make building improvements and purchase new production equipment to meet business-to-business manufacturing needs in support of automotive, agricultural, defense, steel and aluminum platforms. The new facility is expected to be operational before the end of 2025.

"PEAK Precision Manufacturing is poised to be a great addition to the Bowling Green industrial community," said Kyle Allen, president of PEAK Precision. "We are incredibly grateful for the support from both the state and local levels, helping make this initial transition seamless from the beginning. We look forward to serving industrial manufacturers both locally and globally for many years to come."

"Our team is ready to leverage our expertise in CNC machining and mass production to meet pressing manufacturing needs within our industry," said Steve Allen, PEAK Precision CEO. "We have been fortunate to secure initial contracts during the start-up phase, and we look forward to utilizing our outstanding leadership team to help take this company to new heights in a very short amount of time."

PEAK Precision is a start-up mass production and manufacturing business that fabricates metal parts to service industrial sectors across the automotive, agricultural, defense, steel and aluminum platforms. With a skilled leadership team with experiences ranging from CNC machining, business ownership and mass production, PEAK Precision is poised to quickly capture the pressing need of large industrial manufacturers across the globe.

Warren County Judge/Executive Doug Gorman is excited to welcome the company to the community: "Innovation is at the heart of PEAK Precision Manufacturing, and we are thrilled to welcome them to Warren County. Their forward-thinking approach and commitment to excellence align perfectly with our vision for the community's growth. We look forward to supporting their endeavors and celebrating their success in the years to come."

Bowling Green Mayor Todd Alcott looks forward to the company's future success and impact in the area: "We warmly welcome PEAK Precision Manufacturing to Bowling Green. The addition of this dynamic company highlights the ongoing expansion and economic resilience of our city. We look forward to seeing the positive impact they will have on our community."

Ron Bunch, Bowling Green Chamber president and CEO, noted the company's leadership and success: "We are delighted to mark the establishment of PEAK Precision Manufacturing's facility here in Bowling Green. Steve and Kyle Allen have demonstrated outstanding leadership within our business community, and we are excited to support and contribute to their continued success."

PEAK Precision's investment and job creation build upon the best four-year period for economic growth in state history.

Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling nearly $32 billion in announced investments, creating nearly 55,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth's history.

The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.

Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On's transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC's $2 billion, 2,000-job gigafactory project in Warren County; Toyota's $1.3 billion investment in Scott County; and INFAC North America's $53 million investment in Taylor County, among others.

The Governor's administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.

Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody's Investors Service upgraded Kentucky's credit outlook from stable to positive.

In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central region for economic development projects per capita in its 2023 Governor's Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and in the top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.

Gov. Beshear announced a "Supply Kentucky" initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.

To encourage 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 $350,000 in tax incentives based on the company's investment of $3 million and annual targets of:

• Creation and maintenance of 24 Kentucky-resident, full-time jobs across 15 years; and
• Paying an average hourly wage of $27 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, PEAK Precision can receive resources from Kentucky's workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.

A detailed community profile for Warren County can be viewed here.

Information on Kentucky's economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.

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