Setco Sales Co., a manufacturer of spindles and other precision parts and specialty products for the automotive and aerospace industries, is relocating its headquarters to Boone County, Kentucky, creating 30 jobs. It is an estimated $6.25 million investment.
Currently based in Cincinnati, Ohio, Setco’s move will allow the company to maintain its existing employee base of approximately 60, while expanding to boost production capacity. The new facility will expand Setco’s capacity to manufacture, repair and service high-performance precision spindles — a key part of CNC machining and many suspension-and-wheel rotation systems, among other applications. Setco’s product line also includes slides and milling heads.
“I wanted to express how excited Setco is to partner with the Commonwealth of Kentucky for our new global headquarters,” said Jim Broz, president at Setco. “This modern and expanded facility will serve as a platform for growth in the North American market and be our worldwide home for Setco’s global operations and management.”
Jobs created at the new facility will include machining, assembly, engineering, sales and administrative roles. Work on the project is expected to be complete in spring 2022.
Setco was founded in 1912 and manufactures spindles, including belt-driven, geared, motorized, high-speed and high-frequency models. It also produces linear slides in more than 20 sizes and hundreds of models. In addition to automotive and aerospace industries, Setco also supplies construction, die/mold, medical, plastics, woodworking, stone cutting and general metalworking industries.
Setco has nine facilities globally with operations in Michigan and Georgia and locations in Mexico, India, Taiwan and China. The Southeast Service Center in Lawrenceville, Georgia, with 20,000 square feet, offers full-service spindle repair.
The Kentucky Economic Development Finance Authority has preliminarily approved a 10-year incentive agreement with Setco under the Kentucky Business Investment program. The performance-based agreement can provide up to $700,000 in tax incentives based on the company’s investment of $6.25 million and annual job creation and wage targets. If the company meets its annual targets, it will be eligible to keep a portion of the new tax revenue it generates.
In addition, the company can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives through the Kentucky Skills Network.