📋 Tender Overview
Gov. Andy Beshear announced Quadrant will build a new 95 million-plus rare-earth magnet manufacturing operation in Louisville its first mass production facility in the U.S. which will create 200 full-time jobs for Kentuckians.As electric vehicle production continues to ramp up across the automotive sector we will continue to see growth of EV-related companies in the commonwealth Gov. Beshear said. This investment and job creation will position Quadrant to capitalize on a burgeoning market and I am thrilled to welcome the companys growth in Kentucky.Quadrant which has operated an engineering machining and assembly hub in Louisville since 2001 will construct a 171000-square-foot rare-earth magnet manufacturing operation. It will be the companys first production facility in the U.S. The new location builds on the companys goal to build a world-class magnetics manufacturing and research campus and positions the company and community as leaders in attracting a critical and innovative industry back to the U.S.Rare-earth magnets are a type of permanent magnet made from alloys of rare-earth elements produced by Quadrant for use in electric vehicle motors and other automotive applications consumer electronics and within the medical alternative energy and appliance industries among others.The construction of this state-of-the-art manufacturing campus known as Project NeoGrass by Quadrant leaders positions the industry for further growth in the U.S.We believe Project NeoGrass is the blueprint that the magnetics industry and our customers need said Michael Brand president of Quadrant. It is a revitalization of rare-earth manufacturing and research and development in the U.S.Founded in 1992 Quadrant is headquartered in San Diego California with operations in the U.S. Australia China Germany Japan South Korea and Vietnam. The company also operates a research prototyping and testing facility in Silicon Valley. Quadrant works with high-tech companies from concept to mass production of magnet-related products including material selection engineering and design services and prototype development.Louisville Mayor Greg Fischer said the project positions the community for future growth.We are excited about this major commitment from Quadrant to establish a research and manufacturing campus around advanced technologies here in Louisville Mayor Fischer said. As we look at the future of automotive manufacturing this investment continues to solidify the Louisville region as a national hub for EV technology and positions our city for the future of technology.LGE and KU President John R. Crockett III said the utility provider is proud to be a partner in creating economic growth in the area.LGE and KU are proud to be the energy provider of Quadrant facilities in Jeffersontown Crockett said. Our partnerships with our customers Louisville Forward and the Cabinet for Economic Development are important to the growth and well-being of Greater Louisville. We join Gov. Beshear and Mayor Fisher in celebrating Quadrants expansion and enhanced commitment in our community.Quadrants investment and planned job creation furthers recent economic momentum in the commonwealth as the state builds back stronger from the effects of the COVID-19 pandemic. Two announcements made Friday bring total new investment for the week to approximately 291.8 million with over 1200 jobs announced.In 2021 the commonwealth shattered every economic development record in the books. Private-sector new-location and expansion announcements included a record 11.2 billion in total planned investment and commitments to create a record 18000-plus full-time jobs across the coming years. Kentuckys average incentivized hourly wage for projects statewide in 2021 was 24 before benefits a 9.4 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 the history of the commonwealth celebrating a transformative 5.8 billion investment that will create 5000 jobs and places Kentucky at the forefront of the automotive industrys future.Kentucky also saw an all-time record-setting budget surplus in fiscal year 2021 and enters 2022 with an estimated 1.9 billion more than budgeted.In addition Kentucky recently placed seventh overall in Site Selection magazines annual Business Climate Rankings. The commonwealth ranked third nationally in the 2020 projects per capita ranking and fifth in the 2021 Prosperity Cup rankings positioning the state among the national leaders for business climate.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 3.4 million in tax incentives based on the companys investment of 95.2 million and annual targets ofCreation and maintenance of 200 Kentucky-resident full-time jobs across 10 years andPaying an average hourly wage of 28.15 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 andor wage assessments.In addition Quadrant can receive resources from Kentuckys workforce service providers. Those include no-cost recruitment and job placement services reduced-cost customized training and job-training incentives.
