TEBCO of Kentucky to create 40+ jobs in eastern KentuckyChristian Fernsby ▼ | July 1, 2020
Truck Equipment and Body Co. of Kentucky Inc. this week began a $2 million project renovating and equipping a facility in Stanton to establish a 43-job custom dump truck body and truck equipment manufacturing operation.
Truck Equipment TEBCO
Topics: TEBCO Kentucky jobs
The new location could increase the company’s current production capacity by four times in the coming years, while also improving quality control measures. Company leaders anticipate the facility will be operational by Q3 2020.
Headquartered in Richmond, TEBCO of Kentucky was established in 1991 to produce custom dump truck bodies and other truck equipment. In addition to its Richmond facility, the family-owned company operates a location in Winchester.
TEBCO of Kentucky currently employs approximately 50 Kentuckians and serves a range of industries including mining, aggregate and construction and industrial among others.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in March preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $750,000 in tax incentives based on the company’s investment of $2 million and annual targets of:
- Creation and maintenance of 43 Kentucky-resident, full-time jobs across 15 years
- Paying an average hourly wage of $17 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, TEBCO 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. ■