Adding new building
FRANKFORT, Ky. (July 29, 2016) – Meredith Machinery LLC, a Jeffersontown-based machine-tool provider that designs and installs automated metal-cutting systems, plans to build a $2 million facility and add 10 full-time jobs.
Company leaders plan to construct a 12,000-square-foot building alongside Meredith Machinery’s current, 17,000-square-foot facility at 2600 Technology Dr. in Jeffersontown. The project will increase showroom floor space and provide additional room for Meredith’s automation and engineering group. Steve Meredith, the company’s chief financial officer, said construction should begin in August and the facility could open in the first quarter of 2017.
“Kentucky’s manufacturing industry, which makes products known and revered around the world, relies on companies like Meredith Machinery for engineering, equipment and production expertise,” said Gov. Matt Bevin. “With this expansion, Meredith Machinery contributes to our growing manufacturing sector in the commonwealth. We applaud them on their continued success and look forward to assisting their further progression in the months and years ahead.”
Meredith Machinery is a full-line machine-tool distributor with engineering and integration capabilities. It serves the automotive, defense, aerospace, medical and general manufacturing industries. The company carries tool-room equipment, saws of all types, lathes, milling machines grinders, CNC machines, robots, fixtures, tooling, and machine-tool accessories.
Starting in a home basement in 2000, the company grew quickly and, in less than two years, moved to a small rented location. Meredith Machinery then built and occupied a 9,000-square-foot facility on Technology Drive in Jeffersontown’s Bluegrass Commerce Park in 2004 and expanded it by 8,000 square feet in 2007.
The company currently employs 21 people including application engineers who can modify machinery, design turnkey manufacturing systems and provide customer training.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in July preliminarily approved Meredith Machinery for tax incentives up to $200,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
Additionally, KEDFA approved the company for up to $40,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
Meredith Machinery can also receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. Last year, the Kentucky Skills Network trained more than 84,000 employees from more than 5,600 Kentucky companies.