Tuesday, 04 23, 2013
Compressor sales and services company to invest more than $1.1 million in the Commonwealth
FRANKFORT Ky. – Governor Steve Beshear today announced ACE Compressor Parts & Services Inc. will create 10 new, full-time jobs and invest more than $1.1 million as part of an expansion project in Mayfield.
“In a time when many companies across the country faced a difficult economic climate, ACE Compressor not only began operations in Mayfield, but now, four years later, is succeeding and growing,” said Gov. Beshear. “We’re pleased to see the Commonwealth partner with ACE Compressor for 10 new jobs and a $1.1 million investment.”
Established in 2009 in Mayfield, ACE Compressor offers repair, replacement parts and service for air compressors. The company, which currently employs 10 people, plans to purchase land and equipment to meet an increased demand for business. The expansion will include a new 12,000-square-foot facility to be located on Highway 45 North in a new industrial park.
“We appreciate the help of both state and local government offices, such as the Cabinet for Economic Development, Mayfield/Graves County Growth Alliance, Purchase Area Development District, Mayfield, Kentucky Small Business Development District at Murray State University, and financial support from US Bank,” said Johnnie Lee, owner and general manger. “ACE has become both a domestic and international leader in supplying aftermarket parts, sales, and service for centrifugal air compressors needed for large scale manufacturing, pharmaceuticals, and power generation throughout the world. Again, a special word of thanks to all involved, because without the support of the above stated entities, this expansion would not be possible.”
To encourage the investment and job growth in Mayfield, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $225,000 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.
KEDFA also approved ACE Compressor for tax benefits up to $25,000 through the Kentucky Enterprise Initiative Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
“I am so pleased with ACE’s expansion plans,” said Sen. Stan Humphries. “Mayfield is a terrific place to live and as ACE confirms, it’s a very good place to work as well.”
“The decision by ACE Compressor to expand is great news for the economy of Mayfield and Graves County,” said Rep. Richard Heath, of Mayfield. “The new facility will not only mean the creation of new jobs both for the company and construction of their new location, but other businesses will reap the benefits from the growth of ACE.”
“We are so excited about the future prospects for Ace Compressor in Mayfield and Graves County,” said Mayfield Mayor Teresa Cantrell. “In the meetings that I’ve been involved with, Johnnie Lee and his staff are committed to staying here and growing their business right here where it has its roots -- for a better future for Mayfield and Graves County.”
“Along with the Graves Fiscal Court, we wish to express our sincere gratitude for the existing business of ACE Compressor and offer our congratulations on their upcoming expansion,” said Graves County Judge-Executive Tony Smith. “It is always a pleasure to hear of a hometown company growing and expanding.”
“We are very excited that ACE Compressor has chosen to expand its business operations in Mayfield,” said Don Dorris, executive director of Graves Growth Alliance. “It’s been a pleasure working with ACE and its management team during its expansion process. When companies think of compressor parts, refurbishment, and services, they think of Mayfield and the many great companies located here.”
For more information on ACE Compressor Parts & Services, visit www.acecompressorservices.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 Mayfield (Graves County) can be viewed at http://www.thinkkentucky.com/EDIS/cmnty/index.aspx?cw=019.