FRANKFORT, Ky (WEHT) – Helsinki, Finland-based Ahlstrom-Munksjö has announced it will build a second facility in Madisonville with a $70 million investment expected to create 51 new full-time jobs.
Ahlstrom-Munksjö officials noted North American market growth as the primary driver for the project. The new facility will house a glass fiber tissue production line to make luxury vinyl tiles and vinyl sheet materials. The glass fiber tissue will also be marketed for building panels, energy storage and thermoplastic molding for the transportation industry.
The company’s current 133-employee facility in Madisonville produces filtration materials for automotive and industrial applications. Customer deliveries from the new operation are expected to start in mid-2023.
Madisonville Mayor Kevin Cotton lauded the team effort making the new operation possible.
“We are very excited about the incredible opportunity the Ahlstrom-Munksjö expansion is providing to our community. The company has been a fantastic community partner for many years,” Mayor Cotton said. “This announcement will directly affect not only the Ahlstrom-Munksjö team but also the families of those team members and our community as a whole. I am so appreciative of all that have worked so hard to make this expansion a reality. I am certainly aware that this expansion resulted from the hard work, dedication and devotion of many hands. Those many hands are the hands of our families, our neighbors and our friends that hope and work for nothing more than the good and well-being of our community. It’s exciting to see the momentum continuing on expansion and growth in the manufacturing and logistics field here in Madisonville. This is a huge day for our community and one that I am proud to play a small part.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority in December 2018 preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program.
The performance-based agreement can provide up to $1 million in tax incentives based on the company’s initial planned investment of $62.8 million and annual targets of:
- Creation and maintenance of 51 Kentucky-resident, full-time jobs across 10 years
- Paying an average hourly wage of $30 including benefits across those jobs.
For more information on Ahlstrom-Munksjö, visit Ahlstrom-Munksjo.com.