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.
“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. 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.”
Company leaders plan to construct a 12,000-square-foot building alongside Meredith Machinery’s current, 17,000-square-foot facility at 2600 Technology Drive 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.
“The additional space will allow us to increase our ability to help our customer’s achieve more productive manufacturing capabilities and allow additional growth opportunities for both our growing number of employees and the communities we serve in Kentucky and Indiana.” said Meredith. “We would like to thank the Kentucky Cabinet for Economic Development, Louisville Forward and the Jeffersontown Economic Development Authority for their assistance on this project.”
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.
Sen. Paul Hornback, of Shelbyville, welcomed the expansion.
“Meredith Machinery’s ongoing growth stands as an example of what energetic and forward-thinking entrepreneurs and their teams can achieve in Kentucky,” Sen. Hornback said. “I congratulate Meredith Machinery on this latest expansion and look forward to their continued success.”
Rep. Jerry Miller, of Louisville, said the company’s expansion speaks to the state’s pro-business advantages.
“Kentucky offers the environment manufacturers and their support businesses like Meredith Machinery need, the distribution and logistics advantages they want, and the state and local resources to help them succeed,” Miller said. “I thank and congratulate Meredith Machinery’s leaders for choosing to expand and create jobs here in Kentucky.”
Louisville Mayor Greg Fischer said Meredith Machinery’s expertise and the work its employees do resonates across industries and nations.
“It’s always exciting when a local family-owned business decides to expand in our community,” Mayor Fischer said. “Meredith Machinery’s innovations in engineering enable manufacturing companies in Louisville and beyond to succeed in a global economy. I applaud their investment in our city’s diversified and growing manufacturing sector and look forward to seeing their future success.”
Jeffersontown Mayor Bill Dieruf said Meredith Machinery’s expansion is another example of the strong entrepreneurial spirit Jeffersontown’s Bluegrass Commerce Park is known for.
“We’re thrilled Meredith is going to be able to expand next door to their existing facility and accommodate their growth plans,” Mayor Dieruf said. “I know the company and the City of Jeffersontown are thankful the State and Metro were able to support considerable tax credit funding toward the project in addition to our local Jeffersontown Occupation Business Savings (JOBS) Program benefits to make the project possible.”
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.
For more information on Meredith Machinery, visit www.meredithmachinery.com.
A detailed community profile for Jefferson County can be viewed here.
The Kentucky Cabinet for Economic Development is the primary state agency responsible for encouraging new jobs and investment in the state. New capital investment announced in Kentucky in 2015 totaled a state record $5.1 billion, spurring more than 16,000 projected new jobs. Information on available industrial properties, workforce development assistance, incentive programs, community profiles, small business development and other economic development resources is available at www.ThinkKentucky.com.