A Cincinnati-based company is relocating to Boone County following the preliminary approval of state-level tax incentives.
Setco Sales Co., a manufacturer of spindles and other precision parts and specialty products for the automotive and aerospace industries, will relocate its headquarters to an incorporated part of Boone County and create 30 jobs in the coming years, Gov. Andy Beshear announced Monday.
“We’re happy to welcome Setco to the commonwealth. This exciting project supports several key industries in our state, while also creating great job opportunities for Kentucky residents,” Beshear said. “Setco also joins a growing list of companies that are finding Kentucky is a welcoming home to set up headquarters. Thank you to the leaders at Setco for this commitment and welcome to the commonwealth.”
Setco’s move to Boone County will allow the company to maintain its existing employee base of approximately 60, which includes six Kentucky residents, while expanding to boost production capacity, an announcement said.
The new facility will expand Setco’s capacity to manufacture, repair and service high-performance precision spindles – a key part of CNC machining and many suspension-and-wheel-rotation systems, among an array of other applications, the company said. Setco’s product line also includes slides and milling heads.
Jobs created at the new facility will include machining, assembly, engineering, sales and administrative roles. Work on the project is scheduled to begin in September and be completed in spring 2022.
“I wanted to express how excited Setco is to partner with the Commonwealth of Kentucky for our new global headquarters,” said Jim Broz, president at Setco. “This modern and expanded facility will serve as a platform for growth in the North American market and be our worldwide home for Setco’s global operations and management.”
Founded in 1912, Setco manufactures spindles, including belt-driven, geared, motorized, high-speed and high-frequency models. Its precision linear slides include dovetail, hardened way and linear rail slides in more than 20 sizes and hundreds of models. Setco primarily serves the automotive and aerospace sectors, as well as construction, die/mold, medical, plastics, woodworking, stone cutting and general metalworking industries. The company operates nine facilities globally, with operations in Michigan and Georgia, and locations in Mexico, India, Taiwan and China.
Boone County Judge/Executive Gary Moore welcomed Setco’s headquarters and manufacturing relocation to unincorporated Boone County.
“We welcome Setco and its 60 current office, sales and machining employees to Boone County,” Moore said. “The company is joining a strong manufacturing base in Northern Kentucky, and employees will enjoy the easy access and many amenities that Hebron provides.”
Northern Kentucky Tri-ED CEO Lee Crume commended the company for furthering its commitment to the region.
“We’re happy that Setco will continue to serve its automotive and aerospace industry customers from the Cincinnati region,” Crume said. “Hebron is an ideal location for new companies, with easy highway access, proximity to CVG and a talented machining employee base. Setco is bringing a good mix of well-paying office and manufacturing career opportunities to Boone County.”
The Kentucky Economic Development Finance Authority (KEDFA) last Thursday preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $700,000 in tax incentives based on the company’s investment of $6.25 million and annual job creation and wage targets.
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, Setco can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.
-Staff report
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