LOUISVILLE, Ky. — Editor's Note: Attached video is on Kroger opening a new fulfillment center in Louisville, which was announced on Jan. 27.
Governor Andy Beshear announced Quadrant will build a new $95 million rare-earth magnet manufacturing operation right here in Louisville, its first mass production facility in the U.S. The facility will create 200 full-time jobs for Kentuckians.
Beshear's office says the facility will manufacture rare-earth magnets, which are made from alloys of rare-earth elements for use in electric vehicle motors and other fields, including electronics, appliances, alternative energy and medical.
Rare-earth magnets are a type of permanent magnet made from alloys of rare-earth elements for use in electric vehicle motors and other automotive applications, consumer electronics, and within the medical, alternative energy and appliance industries, among others.
Quadrant, which has operated an engineering, machining and assembly hub in Louisville since 2001, will construct a 171,000-square-foot, rare-earth magnet manufacturing operation.
Quadrant was founded in 1992 and is headquartered in San Diego. It has had an engineering, machining and assembly hub in Louisville since 2001.
Louisville Mayor Greg Fischer said the project positions the community for future growth.
“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,” Mayor Fischer said.
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 company’s investment of $95.2 million and annual targets of:
- Creation and maintenance of 200 Kentucky-resident, full-time jobs across 10 years; and
- Paying an average hourly wage of $28.15 including benefits across those jobs.
The state of Kentucky is building 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 1,200 jobs announced.