- Associated Press - Friday, July 25, 2014

OWENSBORO, Ky. (AP) - A 92-acre site at the Owensboro Riverport has been sold for $2.6 million after seven years on the market.

Castlen Welding and Manufacturing purchased the one-time site of Green River Steel and the sale is expected to be finalized in 60 days.

Riverport Authority Chairman Rod Kuegel told The Owensboro Messenger-Inquirer (https://bit.ly/1keW6kc ) said the property appraised at $2 million.

“We weren’t so interested in making a hot deal, but making sure it wasn’t a bad deal,” Kuegel said.

The owner of the welding company, Matt Castlen said he’ll take advantage of up to $350,000 in state tax incentives as part of a $3.8 million expansion project at the site.

The incentives are based on the company eventually employing 30 people at $18 an hour at the new site, or $35,000 a year.

Castlen Welding currently makes material handling equipment for the fertilizer, grain-loading and off-loading facilities; builds grain storage tanks and liquid fertilizer facilities; and offers a wide variety of welding services and custom fabrication.

Castlen said plans for the expansion include improvements to existing buildings on the Green River Steel property, building a concrete parking lot and repairs to an existing rail line. A new business venture will be the repair of rail cars, he said. Much of what the company does now will be done at the new site, with several things added, he said.

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Information from: Owensboro Messenger-Inquirer, https://www.messenger-inquirer.com

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