Monday, 06 17, 2013
Online consumer electronics trade-in company to invest $22.3 million
LOUISVILLE, Ky. – Governor Steve Beshear today joined local and company officials to announce Gazelle Inc., the nation’s leading consumer electronics trade-in site, plans to establish a 37,500-square-foot processing center on Global Drive in Louisville’s Jefferson Riverport area. The company plans to create 438 new jobs and invest $22.3 million in the Commonwealth over the next several years.
“Gazelle saw a consumer need a few years ago and has worked to fill that void, and that is what a great business is all about,” said Gov. Beshear. “The company has paid out more than $100 million for used consumer electronic devices and is growing more than 100 percent year over year. That shows the type of growth and success that will drive their 438 jobs and $22.3 million investment, and we couldn’t be happier they’ve decided to invest here in Louisville.”
Gazelle opened its doors in 2007, and began pioneering a new idea called “reCommerce” that led to the consumer electronics trade-¬in site, Gazelle.com. The company offers consumers an opportunity to earn cash for laptops, tablets, smartphones and other electronic devices, and has accepted nearly 1.5 million items people no longer needed.
“We are proud to be opening this state-of-the-art facility in Louisville and appreciate everything Gov. Beshear, Mayor Fischer, the Kentucky Economic Development Finance Authority and Greater Louisville Inc. have done to help us get to this point,” said Israel Ganot, co-founder and CEO of Gazelle. “We chose Louisville for this facility because of the great workforce, because it’s a major shipping hub and because of all the state did to make it economically attractive for us. We’re looking forward to extending our rapid growth trajectory and sharing our success with this fine community.”
To encourage the investment and job creation in Louisville, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $3 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
“Gazelle’s decision to locate in Louisville is great news for our city, region and the Commonwealth of Kentucky,” said Sen. Perry B. Clark, of Louisville. “This investment and the jobs that will follow will provide a huge boost to our economy. Along with affording us new opportunities, Gazelle’s decision to establish the processing center in Louisville’s Jefferson Riverport area reflects highly on our workforce. I believe I speak for a great many in our community in welcoming Gazelle. Our city looks forward to a longtime corporate partnership with Gazelle, and wishes the company much success. I also want to applaud Gov. Beshear for taking the lead to support this industry, their employees and their families.”
“The market that Gazelle serves promises to grow substantially in the years ahead as the pace of technology speeds up, so this is great news for Louisville and the more than 430 families who will benefit from this sizeable investment,” said Rep. Joni Jenkins, of Shively. “I want to thank Gazelle for taking this step, and I appreciate the hard work that Gov. Beshear, the Cabinet for Economic Development and our local economic officials did to help make this possible.”
“It is always thrilling for me to announce to fellow Louisvillians that we are once again bringing new jobs to our wonderful city,” said Louisville Mayor Greg Fischer. “It all begins with jobs. Our goal as a city is to create and maintain a vibrant and thriving economy, and with the help of innovative companies like Gazelle, we are capable of doing just that! Gazelle is a fast-growing and innovative company, a perfect fit for Louisville!”
“Gazelle is a perfect example of the kind of confidence that businesses have in our community," said GLI President & CEO Craig Richard. “These new and high impact jobs, along with such a significant investment in our increasingly desirable logistics and distribution sector, are welcome boosts to our local and regional economy.”
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky. Watch the Cabinet’s “This is My Kentucky” video at www.YouTube.com/ThinkKentucky.
A detailed community profile for Louisville (Jefferson County) can be viewed at http://www.thinkkentucky.com/community.aspx?county=Jefferson.