United States Commonwealth Tender

Kentuckys economic momentum continues as today Gov. Andy Beshear announced Commonwealth Rolled Products Inc. will invest more than 167 million in its Lewisport aluminum rolling mill a project that will create 40 full-time jobs in the years ahead.The aluminum rolling mill in Lewisport has been an important part of the Hancock County community for over 50 years and the decision by Commonwealth Rolled Products to build on that existing presence is tremendous news for the workforce throughout the region Gov. Beshear said. Once this expansion is complete the company will employ more than 900 Kentucky residents and I am confident that growth will continue well into the future. Thank you to the leaders at Commonwealth for continuing to grow their business in our state.The companys commitment in its 2.3 million-square-foot facility on Kentucky Highway 1957 will include investment in new equipment and building upgrades to modernize the operation and better position commonwealth to support automotive and industrial customers. New jobs associated with the project will include production technical and leadership roles. Currently the company maintains over 1000 full-time employees in Hancock County including 875 Kentucky residents. Leaders at Commonwealth expect work on the project to begin in early 2022 and be completed by early 2024.This is an exciting time for the company our customers employees and the local community said Commonwealth CEO Mike Keown. The investment will allow us to complete the over 750 million investment program we started in 2015 to make the Lewisport facility the most modern and cost competitive automotive and common alloy sheet plant in the United States. I want to thank our owners American Industrial Partners the State of Kentucky and Hancock County for their support. Commonwealth Rolled Products was established in December 2020 following the acquisition of the Lewisport facility by American Industrial Partners. The aluminum rolling mill which most recently operated as Aleris Corp. was established in Lewisport in 1966 as Harvey Aluminum. The facility produces high-quality aluminum rolled products for the automotive and industrial markets.Commonwealths investment builds on the states existing 230-plus metals-related operations which employ approximately 25000 Kentuckians. In 2021 Kentuckys metals industry has spurred over 1.1 billion in planned investment and more than 1700 planned new jobs for Kentucky residents.Hancock County JudgeExecutive Johnny Roberts Jr. said the company is an integral part of the community.We are very thankful for this impactful announcement. Commonwealth Rolled Products has been a vital part of our community for many years JudgeExecutive Roberts said. The scope of this project validates the companys confidence in the local workforce and helps to ensure a stronger future for Hancock County.Mike Baker director of the Hancock County Industrial Foundation expressed gratitude for the companys commitment to the region and the local workforce.This significant investment is a testament to the value of the Lewisport facility its employees and customers Baker said. The Lewisport plant has been a valued member of our community for over 50 years and this investment can ensure another 50 years We are grateful and excited Commonwealth Rolled Products continues to invest in Hancock County.Commonwealths investment and planned job creation furthers recent economic momentum in Kentucky as the state builds back stronger following the effects of the pandemic.This year the commonwealth has shattered every economic development record in the books. Year-to-date private-sector new-location and expansion announcements include a record 11 billion in total planned investment and commitments to create a record 17000 full-time jobs across the coming years. Through September Kentuckys average incentivized hourly wage for projects statewide is 24.15 before benefits a 10 increase over the previous year.In September Gov. Beshear Ford Motor Co. Executive Chair Bill Ford CEO Jim Farley and Dong-Seob Jee president of SK Innovations battery business announced the single largest economic development project in Kentuckys history celebrating a transformative 5.8 billion investment that will create 5000 jobs and places Kentucky at the forefront of the automotive industrys future.In July thanks to strong fiscal management by the Beshear administration the state budget office reported Kentucky ended the 2021 fiscal year with a general fund surplus of over 1.1 billion the highest ever in the state and a 10.9 increase in general fund receipts to 12.8 billion.In May Moodys Analytics published a positive economic outlook for Kentucky noting mass vaccination as the driving force behind a sustained recovery in consumer services. The states recovery Moodys said benefited from earlier reopening efforts and increased demand for manufactured goods over services. The report also found Kentuckys manufacturing industry outperformed the nations since the national downturn last year.Fitch Ratings in May improved the states financial outlook to stable reflecting the states solid economic recovery. The states April sales tax receipts set an all-time monthly record at 486.5 million as did vehicle usage tax receipts at over 64 million.In March Site Selection magazines annual Governors Cup rankings for 2020 positioned Kentucky atop the South Central region and third nationally for qualifying projects per capita. Kentucky also placed seventh overall in total projects the highest of any state with a population under 5 million. Site Selection also placed Kentucky in a tie for fifth in its 2021 Prosperity Cup rankings positioning the state among the national leaders for business climate.