State officials Wednesday announced GR Spring & Stamping, an automotive parts supplier, will expand its Richmond facility. The company will invest $1.7 million to increase square footage and will add 25 employees over the next few years.
“When GR Spring & Stamping reached capacity at its current facility, the company could have expanded an out of state facility. Instead, it chose to stay right here in Kentucky,” Gov. Steve Beshear said in a press release. “We are pleased of the company’s decision to further commit to the Commonwealth and our workforce. The investment and new jobs will not only position the company for future opportunities and growth, but will also strengthen the Richmond community.”
Based in Grand Rapids, Mich., GR Spring & Stamping first located to Richmond in 2004, when it purchased the old Continental Metal facility. The company worked with state and local economic development officials to expand its current footprint and add new jobs. GR Spring & Stamping plans to add 30,000 square feet to the facility to accommodate growth. The company currently has a workforce of 103 employees.
The Kentucky Economic Development Finance Authority preliminarily approved GR Spring & Stamping for tax incentives up to $200,000 through the Kentucky Business Investment program.