Mammoth Marine, Inc. announced today that it has entered into an exclusive option-to-purchase agreement with Owensboro Riverport Properties, LLC for the Coleman Terminal site to construct a new, state-of-the-art facility to manufacture river barges. Mammoth Marine is currently conducting due diligence activities in support of finalizing negotiations with the Owensboro Riverport for acquisition of the 94 acre site.
When construction is complete, Mammoth Marine will have the only such facility in the U. S. with all activities under one roof: material storage and preparation, component fabrication, assembly, and paint. It will employ 150 people, the majority of whom will be skilled welders for steel fabrication and operators for large material handling equipment.
“The Greater Owensboro Economic Development Corporation and the Kentucky Cabinet for Economic Development have been instrumental in making the Owensboro location very attractive compared to other regional locations. They are working to identify and make available a variety of economic incentives. Our business initiative is being welcomed and that sends a very positive message to our investors,” reported Debbie Dewey, President of Mammoth Marine, Inc.
Mammoth Marine will apply for low interest loans from the Kentucky Economic Development Finance Authority. A local incentive package is also being assembled for the project.
“This is a great opportunity for our region,” said EDC President Nick Brake. “With the movement toward energy independence, river transportation is a cost effective way to move goods. This strategic location on the river will position Mammoth Marine and Owensboro to enter this market at a very exciting time.”
“This is particularly gratifying to me having spent the first 20 years of my career at the old Green River Steel plant, now Coleman Terminal,” said Ed Riney, President of the Owensboro Riverport Authority. “Having shown the property to several companies, I believe Mammoth Marine is the best fit for that property and the community.”
Mammoth Marine Inc., headquartered in Louisville, KY is owned by a consortium of private investors that have experience and success investing in the energy and infrastructure industries. The consortium has plans for other energy-related ventures on the site that may generate additional jobs in the future.
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