Governor Steve Beshear today announced Vermont Thread Gage LLC will invest more than $1.7 million in its Franklin plant, expanding the facility by 35,000 square feet. The project will also add 15 new jobs to its existing workforce of nearly 100 employees.
"Vermont Thread Gage has seen outstanding growth and success that is due in large part to the dependable, hardworking employees who exemplify Kentucky's workforce," Gov. Beshear said. "We're thrilled to see this expansion in Franklin and welcome the economic boost from added jobs at a first-rate company like Vermont Thread Gage."
Formed in 2000, Vermont Thread Gage manufactures thread gages sold through its parent company, Vermont Precision Tools Inc., doing business as Vermont Gage. Vermont Gage is a world leader in fixed-limit gages and manufactures a wide range of gage pins and sets, taperlock gages, ring gages, and threaded ring and plug gages for a variety of industries, including automotive, aerospace, medical, fastener and general cutting tools.
"We're excited about expanding our operation right here in Franklin," said Franklin resident John Gehret III, general manager and shareholder in Vermont Thread Gage. "Our growth is in large part attributable to the quality of the workforce and the support we receive from the community."
To encourage the investment and job growth in Franklin, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $375,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
"I want to thank Vermont Thread Gage for taking this step and for creating these much-needed jobs for our community," said Rep. Wilson Stone, of Scottsville. "I'm happy that the state could play a role in making this possible."
"Vermont Thread Gage is continuing to provide more jobs for the city of Franklin, and I am extremely pleased with their expansion," said Franklin Mayor Ronnie Clark. "This is a big plus for our community and will certainly help our local economy."
"We are extremely pleased that Vermont Thread Gage is more than doubling the size of their manufacturing facility in Simpson County," said Simpson County Judge-Executive Jim Henderson. "My congratulations go to this outstanding company for their continued growth in our area."
For more information on Vermont Gage, visit www.vermontgage.com.