Manufacturers growth to result in 50 new jobs, more than $2 million investment
MARION, Ky. - Governor Steve Beshear joined company officials and local leaders in Marion to celebrate the ribbon-cutting for a more than $2 million expansion at Siemens rail automation facility. The German-owned, integrated technology company will create 50 new jobs as a result of its expanded facility, which now totals 95,000 square feet.
Siemens is a global powerhouse in electronics and electrical engineering, operating in the industry, energy, healthcare, and infrastructure and cities sectors. Siemens in the USA reported revenue of $22 billion and employees approximately 60,000 people throughout all 50 states and Puerto Rico. The companys Marion facility, which employs 200 workers, engineers control systems for railways and transit authorities. The expansion makes way for production and installation of technology for wayside buildings.
Companies always have choices on where to locate facilities. The economic development team and the Governors support for the local community, coupled with our excellent employees, makes our choice simple, said Kevin Riddett, CEO of Siemens Freight and Products Segment, Rail Automation. Its important to also recognize our great customers and the entire Siemens global team that provides us the opportunity to grow. Todays ribbon-cutting ceremony is an outward symbol of our commitment to the Marion facility and Siemens partnership with the Commonwealth of Kentucky, Crittenden County and the city of Marion.
To encourage the investment and job growth in Crittenden County, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $500,000 through the Kentucky Business Investment program. The performance-based incentive allows a 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.
Information on Kentuckys economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook or follow on Twitter. Watch the Cabinets This is My Kentucky video on YouTube.