Hydro-Gear to Expand Operations in Princeton

Transmissions manufacturer to create 40 new jobs

FRANKFORT, Ky. (June 9, 2015) – More jobs are coming to western Kentucky. Gov. Steve Beshear today announced that Hydro-Gear Limited Partnership is expanding its operations in Caldwell County.

Hydro-Gear, a designer and manufacturer of precision drive systems, plans to add up to 40 new jobs and invest $2.6 million into the project.

“Today’s announcement is a demonstration that Hydro-Gear continues to build on its growth as a leading global manufacturer in its field,” said Gov. Beshear. “We’ve worked hard with our community partners to make this region attractive to businesses, and that work is paying off. I’m proud of the new jobs and investment here. This is a great day for the Commonwealth, Princeton and Hydro-Gear.”

Hydro-Gear first located a manufacturing operation to Princeton in 2005. Now, the company plans to add more capacity, including the construction of a new 55,000-square-foot warehouse. This will allow Hydro-Gear to create more manufacturing space. The project is expected to be complete by the end of the year.

“When you have great team, it is amazing what can be done,” said Ray Hauser, president of Hydro-Gear. “We joined the Princeton community in 2005 to support our growth. We have attracted outstanding people that truly care and are motivated to perform for our customers every day. This facility expansion will allow us to enhance our customer service and provide solid employment opportunities for the local community.”

Headquartered in Illinois, Hydro-Gear is a global leader in the design and manufacture of precision drive systems. Working in partnership with manufacturers worldwide, Hydro-Gear produces an extensive line of high-performance, efficient hydrostatic transmissions and transaxles for industrial, commercial and consumer markets. The company currently employs more than 120 workers in central Kentucky.

“It is exciting for our community that Hydro-Gear is expanding its Caldwell County operations, which will create new job opportunities and provide a healthy boost to the local economy,” said Sen. Dorsey Ridley, of Henderson. “It also speaks highly of our dedicated workforce that this company is willing to make this investment. Hydro-Gear is a good corporate neighbor, and I look forward to a long, prosperous corporate partnership.”

“Hydro-Gear is an important part of our manufacturing community in Princeton,” said Princeton Mayor Danny Beavers. “This investment will assure continued growth and give us 40 new jobs for our community. The city of Princeton greatly appreciates Hydro-Gear choosing our community for its expansion.”

“I am extremely pleased that Hydro-Gear has chosen Princeton for their latest expansion,” said Caldwell County Judge-Executive Ellen Dunning. “They are a great asset to our community, and we are looking forward to a long and prosperous relationship. We appreciate the confidence they have shown by choosing to expand their Operations in Caldwell County.”

To encourage the investment and job creation, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $800,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.

In addition, Hydro-Gear is eligible to receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies are eligible to receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. Last year, the Kentucky Skills Network trained more than 84,000 employees from more than 4,100 Kentucky companies.

For more information on Hydro-Gear, visit www.hydro-gear.com.

A detailed community profile for Princeton (Caldwell County) can be viewed here.

Latest Events
  • IoT Experience for Metalformers and Fabricators
    2.28.18

    Learn how colleagues are implementing IoT through case studies The coming wave of digital manufacturing and plant-floor connectivity is here for […]

    View Photo Gallery
  • AutoVision 2017
    9.11.17

    The inaugural AutoVision Conference, an initiative of KAIA, was another success in 2017! Geared to showcase the future of the […]

    View Photo Gallery
  • SPARK: Connecting Kentucky’s Automotive Industry
    5.25.16

    The inaugural SPARK Conference was held Monday in Louisville with nearly 150 in attendance. The event drew attendees from 10 […]

    View Photo Gallery
  • Automotive Caucus Announcement
    2.3.16

     

    View Photo Gallery
  • AutoVision Conference
    9.28.15

    The inaugural AutoVision Conference, an initiative of KAIA, was created to showcase the future of the automotive industry from a […]

    View Photo Gallery
  • Regional Forums
    6.25.15

    KAIA hosted six regional forums across Kentucky where attendees heard from UofL researchers as well as from local manufacturers on […]

    View Photo Gallery
Latest News
  • 7.24.18
    Auto Parts Maker DAE-IL Breaks Ground on 120-Job Facility in Murray

    Gov. Matt Bevin today congratulated leaders of South Korea’s DAE-IL Corp. and the Murray community as officials broke ground for […]

    Read Full Article
  • 1.17.18
    KAIA Legislative Update – January 17, 2018

    For the first time in history, Republican governor Matt Bevin presented his version of the biennial budget to both a […]

    Read Full Article
  • 1.4.18
    KAIA Legislative Update

    The Kentucky General Assembly returned this week for the 2018 Legislative Session. This Session is a 60-day session with the constitutional […]

    Read Full Article
  • 7.11.17
    AutoVision 2017 conference to provide high-octane insight, networking

    August event offers more matchmaking opportunities than ever in its third year FRANKFORT, Ky. (July 11, 2017) – With the […]

    Read Full Article
  • 1.13.17
    Right-To-Work

    Members of the Kentucky Automotive Industry Association, I write to make you aware the Kentucky General Assembly passed and Gov. […]

    Read Full Article
  • 12.5.16
    Industry Update

    December 5, 2016   Dear automotive industry leaders:   I wanted to make certain you are aware of a recent, […]

    Read Full Article
Founding Partners
Cabinet For Economic Development Sumitomo Electric Wiring Systems Toyota General Motors Ford INOAC Metalsa Mubea Akebono Bosch Hitachi AGC