Governor Steve Beshear today announced Transcraft Corp., a platform trailer manufacturer, will add 80 jobs, build a new 12,000-square-foot painting facility and purchase new equipment as part of a nearly $3 million investment in Cadiz.
"I couldn't be more pleased that the Commonwealth is partnering with Transcraft to make this investment possible and bring 80 jobs to Cadiz," Gov. Beshear said. "Transcraft is a long-standing and well-respected corporate citizen, and this expansion is a milestone on the company's long road of success here in Kentucky."
Headquartered at International Drive in Cadiz, Transcraft is a wholly-owned subsidiary of Wabash National® Corp. and is one of the leading manufacturers of platform trailers in North America. Established in 1962, Transcraft offers a wide range of flatbed, drop deck and truck bodies to meet the needs of the commercial vehicle and construction industries.
"Transcraft is an integral part of the Wabash National family," said Dick Giromini, president and CEO, Wabash National Corp.. "With leading brands and expertise in designing, producing and distributing platform trailers, both Transcraft and Benson have a loyal following. We appreciate the support from the Commonwealth of Kentucky, the leadership of Trigg County and the commitment from the fine folks in Cadiz as we expand to meet evolving customer needs."
"Transcraft is excited to announce the next step of our dynamic growth in Cadiz. Even with a state-of-the-art manufacturing facility and a dedicated workforce ready to meet current demand, it is necessary to increase capacity by adding new equipment and expanding our team to position this business to capitalize on a bright future," added Rick Klein, general manager, Transcraft Corp.
To encourage the investment and job growth in Cadiz, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $2 million 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.
"We always rejoice when one of our vital industries expand their operations," said Sen. Ken Winters, of Murray. "Eighty new jobs will certainly impact our local economy."
"This is great news both for Transcraft and those of us who will benefit from this sizeable investment," said Rep. John Tilley, of Hopkinsville. "I want to thank the company for taking this step because it will be a much-needed boost for our local economy, and I'm glad that the state could play a role in making this happen."
"We are excited that Transcraft Corp. has made the decision to make a significant capital investment in their operation here in Cadiz," said Cadiz Mayor Lyn Bailey. "We are proud that Transcraft Corp. continues to have the confidence to grow their business in the location where they both live and work. Currently Transcraft has created more than 300 quality jobs for our citizens, making them one of the area's largest expanding industries. We look to many more years of our continued partnership."
"Our community is blessed to have Transcraft's presence here," said Trigg County Judge-Executive Stan Humphries. "We welcome their growth and expansion and see this as a very strong statement in the midst of a tough economy. We are excited to share in this opportunity here in Cadiz-Trigg County."