Company to invest more than $1.1 million
FRANKFORT Ky. (April 24, 2013) – 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.
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.”
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.
“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.”