FRANKFORT – Gov. Steve Beshear Tuesday announced Core Molding Technologies, a plastics molding company, will establish a new operating subsidiary and manufacturing location in Warsaw. The operation, which will support a significant new business venture outside the company’s traditional heavy truck customer base, will create 39 new jobs and entail a more than $3 million investment.
The newly formed subsidiary, Core Specialty Composites LLC, will manage the new business, which will occupy 62,000 square feet of manufacturing space in Gallatin County. The plant will initially produce large-scale, fiber-reinforced composite parts.
Products produced by Core are used in a variety of industries, including medium and heavy-duty trucks, automobiles, personal watercraft and other commercial products. The company, which has additional operations in Ohio, South Carolina and Mexico, plans to begin hiring in September with active production beginning in early 2012. A job fair for interested applicants will be held Tuesday, Aug. 30, from 10 a.m. to noon and 1 p.m. to 3 p.m. EDT at the Gallatin County Extension Office in Warsaw.
The Kentucky Economic Development Finance Authority preliminarily approved the company’s parent company, Core Composites Cincinnati, for tax incentives up to $900,000 through the Kentucky Business Investment program.
“I’m really pleased that Core Specialty Composites has decided to locate in Gallatin County and create nearly 40 jobs as a result,” Rep. Royce Adams of Dry Ridge said. “This will be a big help for the community and could not come at a better time. It’s further proof that our economy is getting back on a firmer footing.”
“The city of Warsaw is very excited to learn that Core Specialty Composites will be locating to our town,” Warsaw Mayor Charles French said in a press release. “The company will be moving into a building that has been vacant for several years. The closing of the previous plant has put financial stress on the city, but this new business will help relieve that stress, as well as provide some much-needed employment to our area. The city hopes Core likes small town living as much as we do.”