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Worldwide Technologies expanding in Glasgow

By Crystal Staley/Brandon Mattingly

Frankfort, KY - On August 25, 2022, Gov. Andy Beshear announced the continued momentum of the state's manufacturing sector as Worldwide Technologies LLC, a manufacturer of precision machined parts, will invest over $1.2 million and create 16 quality jobs with a new facility in Glasgow.

The new facility in Barren County will see an investment of over $1.2 million that will include site improvements and new welding equipment. The location will boost the company's production of precision machined products, including heavy truck, defense and medical parts. The project comes in response to growing business opportunities for the company. The investment also will create 16 quality jobs for residents of Glasgow and Barren County.

The new location is the second announced in Kentucky by Worldwide Technologies within the past 16 months. In 2021, the company announced a $1.42 million investment in Greensburg creating 25 full-time jobs.

"One reason we are experiencing unprecedented economic momentum throughout the state is Kentucky companies continue to reinvest in Kentucky," Gov. Beshear said. "Not only are we attracting quality international companies and companies from around the country, we are also growing and expanding the businesses that were born in our backyard. I want to thank Worldwide Technologies' leaders for their support in the commonwealth and look forward to their continued success."

Worldwide Technologies began operations with a single warehouse in Bowling Green that employed five people. Today, it employs over 70 Kentuckians and serves more than 50 clients. In 2010, the company moved to a 27,000-square-foot facility in Simpson County, which has since served as its headquarters. The company since has expanded the Simpson County plant to over 58,000 square feet with the potential for further expansion.

"We have been doing business in Kentucky for over 12 years, and we are extremely excited about growing and expanding our presence in the commonwealth," Mike Jones, co-founder of Worldwide Technologies, said. "I want to thank the city of Glasgow, Barren County, and all local and state officials who helped make this expansion possible. Worldwide Technologies is thrilled for this new opportunity."

To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on 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 $150,000 in tax incentives based on the company's investment of $1.2 million and annual targets of:
  • Creation and maintenance of 16 Kentucky-resident, full-time jobs across 10 years; and
  • Paying an average hourly wage of $27 including benefits across those jobs.
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, Worldwide Technologies can receive resources from Kentucky's workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.

This story was posted on 2022-08-25 13:24:44
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