Based in Grand Rapids, MI, 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.
“GR Spring & Stamping is very proud to be part of the Richmond community and also pleased to announce the expansion of our facility here,” said Merle Emery, president of GR Spring & Stamping Inc. “Since the purchase in 2004, we have seen continued growth in equipment and employment levels here in Kentucky. The local community, as well as the Commonwealth of Kentucky, has been great to work with. The performance of our associates here in Richmond played a big part in our decision to expand here in Kentucky. They have demonstrated a continued level of excellence and commitment to quality and overall customer service. GR Spring & Stamping Inc. looks forward to many more years of growth and success here in the great state of Kentucky.”
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved GR Spring & Stamping for tax incentives up to $200,000 through the Kentucky Business Investment program. The performance-based incentive allows the company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
KEDFA also approved the company for tax benefits up to $35,000 through the Kentucky Enterprise Investment Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research, and development and electronic processing equipment.
For more information on GR Spring & Stamping, visit http://grs-s.com/.
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