The Kentucky Economic Development Finance Authority has approved $1.6 million in state tax incentives if Magpro of Kentucky sets up shop in Logan County.
According to documents from the KEDFA, the company will begin with 40 employees and will locate in an existing 98,000-square-foot facility in Russellville.
Magpro would produce magnesium, which could help supply the county’s leading employer, Logan Aluminum, along with other companies as well.
According to the KEDFA, Magpro would invest over $14 million in the Russellville operation.
Tom Harned, the executive director for the Logan Economic Alliance for Development (LEAD), said he could not comment much on any new companies that might be coming to Logan County, but said he is “cautiously optimistic” and that he is “working toward making an official announcement in August.”
The KEDFA had to first approve the $1.6 million in tax breaks before Magpro located in Logan County. And just because the incentives have been okayed by the KEDFA, that does not bind Magpro into locating here.
The company is also considering basing its new operation in either Tennessee or Indiana.
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