Tuesday, 02 05, 2013
Railway equipment manufacturer to invest more than $900,000
FRANKFORT Ky. – Governor Steve Beshear today announced NRE Acquisition Co. LLC, doing business as VMV Paducahbilt, plans to expand operations in Paducah, create 25 new, full-time jobs and invest $920,000 in the Commonwealth.
“VMV Paducahbilt is a company with a long and rich heritage, with more than seven decades of production and service for the railroad industry,” said Gov. Beshear. “This expansion in Paducah not only means 25 new jobs and $900,000 in investment, it also means a renewed commitment to a community that has become a true home for VMV Paducahbilt.”
VMV Paducahbilt is a provider of new and remanufactured locomotives, locomotive products and wheel services. The company plans to expand operations with additional shop equipment, IT upgrades, phone systems and building repairs at its Paducah facility, which currently has 144 full-time Kentucky employees.
“We’re thrilled to partner with the Commonwealth to continue building on the success here at VMV Paducahbilt,” said Bob Pedersen, vice president and general manager of VMV Paducahbilt. “This announcement represents a lot of hard work from many sources, especially the people of VMV Paducahbilt, who take pride in the performance and quality of our products, and the fact that we are exporting to countries all over the world.”
To encourage the investment and job growth in Paducah, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $500,000 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.
“Congratulations to the employees of VMV Paducahbilt, who have done a wonderful job of proving themselves as hard-working and industrious,” said Sen. Robert Leeper, of Paducah. “I look forward to many more years with Paducahbilt.”
“Any time a new job comes to Paducah, it’s a welcomed success,” said Rep. Gerald Watkins, of Paducah. “However, to see an organization like VMV Paducahbilt reinvest in and trust our workforce speaks volumes about the special relationship VMV Paducahbilt has with our community.”
“We are pleased to have VMV Paducahbilt announce an expansion of their business with 25 new jobs and $920,000 of investment in Kentucky,” said Paducah Mayor Gayle Kaler. “We are especially glad to know that VMV has confidence in Paducah and our workforce.”
“VMV Paducahbilt’s expansion shows confidence in our workforce here in McCracken County,” said Judge-Executive Van Newberry. “As the Judge-Executive of McCracken County, I have confidence in the continued success of VMV Paducahbilt!”
For more information on VMV Paducahbilt, visit www.nationalrailway.com.
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.
A detailed community profile for Paducah (McCracken County) can be viewed at http://www.thinkkentucky.com/EDIS/cmnty/index.aspx?cw=096.