Meggitt to Add 83 Jobs, Substantially Increase Carbon Brake Manufacturing Capacity in Danville - Seite 2

Danville Mayor Mike Perros said the company has been the ideal corporate partner.

“The greatest compliment that an existing industry can pay to its home community is to reinvest. Meggitt has done so time and again,” Mayor Perros said. “We appreciate the continued confidence that Meggitt has expressed in Danville with this major expansion. Our community stands ready to support Meggitt, its management and its employees as it grows with us.”

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.

“Meggitt’s rate of growth in Boyle County since 2006 has been remarkable. The company’s increased operations have put our community at the forefront of Kentucky’s aerospace industry,” Judge-Executive Hunt said. “We welcome this significant new phase of Meggitt’s expansion in our community. Aviation is a critical aspect of Boyle County’s economy, and Meggitt’s investment demonstrates that our community is the right location for aerospace businesses to take flight.”

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.