– Stoody Company, a business of Victor Technologies which was recently acquired by Colfax Corporation, a global leader of gas and fluid-handling and fabrication technology products, announced their plans to expand that will increase their international market presence by adding additional production equipment and personnel. The expansion will bring a total investment of $2,000,000 and the creation of 10 new full-time positions to the region over a three-year time frame.
“Since being founded in 1921, Stoody has grown to become a world class supplier to industries and companies around the world. Our Bowling Green location has been a part of this success and has continued to prosper in South Central Kentucky,” stated Ravi Menon, VP, GM-Stoody Company. “Not only has the strategic location allowed us to be a supplier for a number of U.S. customers, but the workforce and resources we have found here have allowed us to establish an international customer base. We are looking forward to continuing to expand that in the future.”
Stoody is a manufacturer of hardfacing and high-alloy welding consumables, as well as, a leading, global innovator and producer of welding wires and welding electrodes used to combat various types of wear and corrosion.
“It’s always exciting when a local company expands its global footprint,” said Governor Steve Beshear. “Thanks to businesses like Stoody, Kentucky’s exports are at an all-time high, which is vital to the state’s long-term economic success. Stoody has a long-standing history here in the Commonwealth, and I want to congratulate them on their expansion.”
In addition to hardfacing products, they also service industries such as construction, railroad and steel mills by providing a full line of high alloy joining and cladding wires and electrodes.
“Stoody is an outstanding example of a company that has not only invested in the South Central Kentucky region and experienced great success, but has used our strategic location and benefits to expand their footprint to other countries,” stated John Mark Fones, Chamber Board Chairman. “As a global visionary in their field, their reach extends around the world and to a number of industries. We are proud to have them in the community and look forward to helping them continue to grow both here in Bowling Green and across the globe.”
The Bowling Green location currently exports product to North Asian countries such as Japan, China, South Korea and South Asian countries such as Vietnam and Thailand. This expansion will aid their intentions to further expand their international reach into Asia and Latin America.
“We are grateful for corporate citizens such as Stoody that continue to invest in Bowling Green, but their contribution goes well beyond the capital investment and creation of jobs. International export is a growing part of the U.S. economy and contributes to a number of U.S. jobs every year. We are excited to have leaders like Stoody in our community and applaud them for their pursuit of innovation,” said Mayor Bruce Wilkerson.
Stoody is the fourth economic development announcement for the Bowling Green Area Chamber of Commerce in 2014 for a total capital investment of more than $179 million and the creation of over 250 new full-time jobs.
“Our region has seen exponential growth in the past few years and we just completed our most successful year in economic development in a decade,” stated Judge Executive Michael Buchanon. “With the largest investment we have seen in more than a decade being announced earlier this month and now Stoody’s expansion, 2014 could prove to be another record setting year here in Warren County. This expansion that will not only contribute to Stoody’s continued success but their high quality products and innovative techniques will raise standards and inspire growth in Bowling Green and around the world ,”
For more information on Stoody visit http://www.victortechnologies.com/stoody/.