Firestone expansion may qualify for $150k in state economic incentives

If the Williamsburg Firestone Industrial Products plant delivers on its promise to create 250 additional jobs as part of its $51 million expansion, then it will be getting a little bit of economic incentive from the state.

During a special called meeting on Sept. 15, the Williamsburg City Council approved a resolution authorizing Mayor Roddy Harrison to sign documents related to the incentive that would give Firestone $150,000 in economic development funds if the 250 new, fulltime jobs for Kentucky residents threshold is met.

“We have absolutely no money involved in this,” Harrison noted during the virtual meeting. “We are just the vehicle. This is a pass through.”

The money would be paid out in increments of $37,500 per year over a four year period, and is a grant from the Kentucky Economic Development Finance Authority.

The Williamsburg Firestone plant is the only remaining U.S. air spring manufacturing plant.

The expansion will add 68,000 square feet of manufacturing space to help meet market demand particularly for the electric vehicle market, and work on the expansion is expected to wrap up by the end of 2022.