FRANKFORT, Ky. (July 25, 2023) – Today, Gov. Andy Beshear congratulated local officials and company leadership from Aerospace Composites Solutions (ACS) (formerly Blackhawk Composites), a comprehensive composite design and manufacturing company focused on boosting aircraft performance and capabilities, as the company broke ground on a $16.8 million expansion and relocation in Morgantown that will create 72 new full-time jobs in the area.
“Established companies expanding in the commonwealth is crucial to building on the economic momentum we’ve been experiencing,” said Gov. Beshear. “Kentucky has been home to Aerospace Composites Solutions for over a decade, and I’m excited to see them continue to grow and invest in Kentucky. I look forward to seeing the company continue to thrive here in the commonwealth.”
For more than a decade, ACS has been located at 404 West Morrison Street in Morgantown. While the facility has served the company well, ACS’ growth projections for the next 12 to 18 months require a larger facility to accommodate increased production. The company plans to build a new 150,000-square-foot facility on Lot 1 of the Morgantown Industrial Park. In 2021, Lot 1 became the first Build-Ready-certified location in Morgantown.
“We are thrilled to announce this decision in Morgantown,” said Aerospace Composites Solutions President Matt Shieman. “This expansion will not only strengthen our presence in the region but also contribute to the growth and development of the local economy. We are committed to investing in the community and creating high-quality job opportunities.”
ACS is a leading provider of comprehensive, advanced composites manufacturing services for the aerospace industry. The company’s services include design support, prototype creation, manufacture and certification of composite components. Composites are lighter, stronger and more durable than standard aerospace and high-performance industry materials, offering opportunities for increased performance, strength and payload with reduced maintenance costs. With a commitment to quality, innovation and customer satisfaction, the company specializes in delivering diverse composite solutions to meet the industry’s evolving needs.
Butler County Judge/Executive Tim Flener spoke on sustainability: “We are proud of the work being done at ACS and are looking forward to their continued growth in Morgantown. Expansions like these are critical for the economic growth and sustainability of our community.”
Morgantown Mayor Billy Phelps thanked ACS for its investment and job creation: “I want to thank Aerospace Composites for this investment and the creation of these new jobs in our community. Growth begins with our existing industries, and ACS is just the latest company to provide evidence that our community provides the necessary support to help businesses succeed.”
Bowling Green Area Chamber of Commerce President Ron Bunch spoke on the regional efforts that went into the expansion: “The Bowling Green Area Chamber of Commerce is committed to taking a regional approach to economic development. We support Morgantown’s efforts to help grow their existing businesses and to attract new ones. We are here to provide resources to grow the South Central region’s economy. We win together and join Morgantown in celebrating the news of ACS’s expansion.”
ACS’ investment and planned job creation furthers recent economic momentum in the commonwealth.
Last week, Gov. Beshear announced that his administration secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history.
The General Fund budget surplus at the end of fiscal year 2023 was more than $1.55 billion. Nearly all of the $1.55 billion surplus will go into the commonwealth’s Rainy Day Fund, bringing the fund to a record balance of $3.7 billion – a 2,700% increase since Gov. Beshear took office in 2019.
Gov. Beshear also announced an increase of 6,400 jobs filled, bringing the commonwealth to 2,015,600 filled jobs in June. That is a record number of nearly 60,000 more jobs filled than before the pandemic.
This year, the Governor announced that Kentucky set the record for the longest period with the lowest unemployment rates in state history. On May 18, Gov. Beshear announced that Kentucky set a new historic low unemployment rate of 3.7%, which is the lowest rate ever recorded in the commonwealth.
Since the beginning of his administration, Gov. Beshear has announced more than 860 private-sector new-location and expansion projects totaling over $26 billion in announced investments.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 was $26.78 before benefits, the second-highest mark since 2010 and an 11.5% increase over the previous year.
The Governor also secured the best two-year period in state history for economic growth and announced the two largest economic development projects in state history. In September 2021, Gov. Beshear and leaders from Ford Motor Co. and SK On celebrated a transformative $5.8 billion investment that will create 5,000 jobs in Hardin County. In April 2022, the Governor was joined by leadership at AESC to announce a $2 billion investment that will create 2,000 jobs in Warren County. These announcements solidify Kentucky as the EV battery production capital of the United States.
That position was strengthened even further in May 2023, when the Governor and leaders at Toyota announced a $591 million investment across multiple projects as the company’s largest manufacturing operation in Georgetown introduced its first battery electric vehicle. Growth within the EV sector continued into June as Gov. Beshear joined INFAC North America to break ground on the company’s $53 million investment to support EV-related production in Campbellsville.
Over a two-month period this year, Kentucky secured two credit rating increases from major agencies. On May 12, Gov. Beshear announced that his administration obtained the first state-level credit rating upgrade in 13 years and the first-ever upgrade from Fitch Ratings. On June 29, Gov. Beshear announced the commonwealth received its first-ever rating increase from S&P Global Ratings.
Site Selection magazine recently placed Kentucky first in the South Central region and top-5 nationally in its 2023 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects. The publication also placed Kentucky second nationwide and first in the South Central region for its annual Governor’s Cup ranking for 2022, which recognizes state-level economic success based on capital investments.
Gov. Beshear also announced a new “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in June preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $2 million in tax incentives based on the company’s investment of $16.8 million and annual targets of:
- Creation and maintenance of 72 Kentucky-resident, full-time jobs across 15 years; and
- Paying an average hourly wage of $30, including benefits, across those jobs.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, ACS can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
For more information on Aerospace Composites Solutions, visit Composites.Aero.
A detailed community profile for Butler County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
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