Braidy Industries
 | |
| Company type | Private |
|---|---|
| Industry | Aluminum manufacturing |
| Founder | Craig T. Bouchard |
| Headquarters | , United States |
Area served | United States |
Key people | Craig T. Bouchard (CEO)[1][2] |
| Products | Aluminum alloys |
| Website | braidyindustries |
Braidy Industries is an Ashland, Kentucky-based aluminum alloys manufacturer for aluminum in the automotive and food & beverage industries.[3][4][5][6]
Subsidiaries
Braidy Industries owns both Veloxint, incubated at MIT, and NanoAl, incubated at Northwestern University.[7]
History
Braidy Industries was founded by Craig T. Bouchard who wanted to create eco-friendly aluminum alloys. The industry demand was bending towards stronger and lighter materials and the company was founded to accommodate the market gap created by this generational shift.[8][9][10][11]
Braidy Industries started off with an initial project of a fully integrated aluminum rolling mill in the Greenup County, Kentucky, comprising a 2.5 million square-foot area. The site is located in Eastern Kentucky and the facility costs were estimated to be around $1.6 billion.[12][10][4][13][14][15]
The site for the mill is located on the Ohio River and the CSX railroad runs through the site as well as I-64 connects the site to various automotive plants in 300 miles around the region. This advantage allows the site to utilize the just-in-time approach.[16][10][17][18]
The company is working with the Ashland Alliance and the Kentucky Economic Development Finance Authority (KEDFA) as a part of the Kentucky Business Investment program based on which they received up to $10 million in tax incentives.[19][10][20][21][22]
Joint venture with RUSAL
In April 2019 Braidy announced a joint project with RUSAL, a Russian company partially owned by the oligarch Oleg Deripaska. The project is to develop the mill site in Ashland, Kentucky "to produce flat-rolled aluminium products for the U.S. automotive industry," according to a company press release.[7]
Controversy
In February 2020, Braidy Industries announced that they uncovered evidence that company founder Craig Bouchard misused company money while he was CEO of the firm. In a court filing, the company claims that an internal review raised several red flags about Bouchard's travel spending, credit card charges and legal expenses. A third-party firm was hired to conduct an independent investigation.[23]
References
- ^ aciwpadmin. "Six Lessons from CEO's Huge Aluminum Gambit in Appalachia - Braidy Industries".
- ^ aciwpadmin. "Braidy, Subsidiary Veloxint Make 5 Executive Appointments - Braidy Industries".
- ^ "Bloomberg - Are you a robot?". www.bloomberg.com.
{{cite web}}: Cite uses generic title (help) - ^ a b Buss, Dale. "Auto OEMs Look To New Braidy Industries Mill In Kentucky To Boost Aluminum Supplies". Forbes.
- ^ PACE, FRED. "Braidy Industries looks to raise funding to finish building aluminum mill in NE Kentucky". The Herald-Dispatch.
- ^ aciwpadmin. "President Trump Mentions Braidy Industries in Speech - Braidy Industries".
- ^ a b Cristina Maza (April 15, 2019). "Sanctioned Russian Oligarch's company to invest millions in new aluminum plant in Mitch McConnell's state". Newsweek.
- ^ "Braidy Industries Launches Common Stock Offering". www.businesswire.com. 20 September 2018.
- ^ "Braidy Industries - Craig Bouchard".
- ^ a b c d "Aluminum Production and much more - Braidy Industries".
- ^ "Braidy Industries". Crunchbase.
- ^ Buss, Dale (5 September 2018). "Six Lessons from CEO's Huge Aluminum Gambit in Appalachia".
- ^ aciwpadmin. "$4M Abandoned Mine Lands Pilot Grant Announced for EastPark Industrial Park - Braidy Industries".
- ^ aciwpadmin. "$4M Grant Issued for EastPark Prep Work - Braidy Industries".
- ^ aciwpadmin. "Did Trump's aluminum tariffs spark a $1.5 billion plant in Kentucky? - Braidy Industries".
- ^ LLC, Industrial Project Innovation. "Industrial Project Innovation Selected as Construction Manager for Braidy Industries' Aluminum Rolling Mill in Kentucky". www.prnewswire.com.
- ^ Staff, Associated Press, Kathryn Robinson, Chad Hedrick, WSAZ News. "PSC asks for assurances in funding for Braidy project". www.wsaz.com.
{{cite web}}: CS1 maint: multiple names: authors list (link) - ^ aciwpadmin. "Industrial Project Innovation Selected as Construction Manager for Braidy Industries' Aluminum Rolling Mill in Kentucky - Braidy Industries".
- ^ Independent, Glenn Puit The Daily. ""We are going to do it" — Braidy Industries launches stock offering". The Independent Online.
- ^ Editor, Glenn Puit. "More on Braidy: 1,500 construction jobs planned". The Independent Online.
{{cite web}}:|last=has generic name (help) - ^ "Invest in Braidy Industries - Netcapital". netcapital.com.
- ^ aciwpadmin. "'I've Got Faith': Potential Aluminum Workers Wait on Jobs - Braidy Industries".
- ^ Ragsdale, Chris Otts and Travis. "Braidy Industries alleges founder Craig Bouchard misused company funds". WDRB. Retrieved 2020-02-24.