Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 32 n° 289

Meggitt to Add 83 Jobs, Substantially Increase Carbon Brake Manufacturing Capacity in Danville

Posted by fidest press agency su martedì, 3 settembre 2019

Meggitt PLC, an international company specializing in high-performance components and sub-systems for the aerospace, defense and selected energy markets, plans to significantly increase its commercial and military aircraft carbon brake manufacturing capacity in Boyle County, creating up to 83 full-time jobs with a nearly $82.7 million investment, Gov. Matt Bevin announced today.The project will allow the company to fulfill increasing orders following recent contract awards for braking systems. The facility already provides braking components for a number of customer programs, including the Airbus A220 and A321, as well as for Embraer, Gulfstream, Dassault and Bombardier. The new facility also will serve as an MRO hub to meet rising demand for aircraft maintenance. The 95,000-square-foot expansion would include new carbon furnaces plus ancillary equipment, as well as upgrades to existing machinery.Sen. Rick Girdler, of Somerset, expressed gratitude to everyone involved with making the project possible.“I want to congratulate Meggitt for this major investment affording them 83 new jobs,” Sen. Girdler said. “Thank you to all those involved for prioritizing continued expansion, growth and job creation here in the Danville community.”
Rep. Daniel Elliott, of Danville, thanked the company for the job creation and continued growth.Boyle County Judge-Executive Howard P. Hunt III said the company is a shining example of the type of success aerospace companies can have in Kentucky.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $1.4 million in tax incentives based on the company’s investment of $82.68 million and annual targets of:Creation and maintenance of 83 Kentucky-resident, full-time jobs across 15 years paying an average hourly wage of $18 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.
Additionally, KEDFA approved Meggitt for up to $350,000 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.In addition, Meggitt can 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.

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