Will create up to 50 new jobs
FRANKFORT Ky. (Oct. 30, 2014) — Gov. Steve Beshear and Mayor Jim Gray today announced that SRC of Lexington plans to expand its operations in Fayette County.
SRC, a remanufacturer of engines, drive engine components and hydraulics for industrial equipment, is expected to create up to 50 new jobs and invest nearly $1.9 million into the project.
In addition to the new jobs, SRC plans to renovate and expand its current facility on Eastland Dr. The 12,000-s.f. expansion will include more production space, a remodel of its current office facilities, and the purchase of additional equipment to accommodate new business and meet growing customer demand.
SRC opened its Lexington facility in 2009. The company has experienced significant growth in its first five years and revenues are projected to double by 2019. SRC of Lexington currently has 100 employees.
To encourage the investment and job growth in Fayette County, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $600,000 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.