Commonwealth of Kentucky
Cabinet for Economic Development

CENTRIFUGAL TECHNOLOGIES, INC. CELEBRATES OPENING OF EXPANSION AT MAYFIELD FACILITY

Frankfort, Ky. -- Cabinet for Economic Development officials joined today with leaders from Graves County and representatives of Centrifugal Technologies, Inc. in Mayfield for a ribbon-cutting ceremony marking the company’s five-year anniversary and the completion of its recent expansion project.

Governor Ernie Fletcher, who was unable to attend the event, expressed his sentiments to the company in a statement. "I want to congratulate Centrifugal Technologies for five successful years of business, resulting in the expansion of its Mayfield facility and the creation of additional job opportunities for the community," he said. "Kentucky is pleased to partner with Centrifugal Technologies on this new expansion and look forward to years of growth."

Centrifugal Technologies, a parts and service company specializing in the remanufacturing of centrifugal air compressors, currently employs 31 Kentuckians. The expansion will result in the creation of 25 additional full-time jobs at an average hourly wage of $21.50, exclusive of benefits, within two years.

“This is very exciting for us and for our employees," said Danny Kincer, general manager of Centrifugal Technologies. "We are excited to see how far we have grown over the past five years, not only with a salary base of $2 million, but also world-wide sales projected at $10 million this year. We really couldn’t have done this without the support of local suppliers, US Bank, the Industrial Authority of Mayfield and Graves County, and the Commonwealth of Kentucky."

The expansion will allow Centrifugal Technologies to double its existing building size from 13,000 square feet to 26,000 square feet. In addition, the company will add an overhead crane to the facility. The project represents a $663,000 investment in the state.

"We are pleased to have a company like Centrifugal Technologies in Graves County," said Graves County Judge Executive Tony Smith. "Their success proves that we have the highly-skilled workforce to help a great company compete and grow."

The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved Centrifugal Technologies, Inc. for tax benefits up to $600,000 under the Kentucky Rural Economic Development Act (KREDA), an incentive program designed to attract and expand manufacturing in the state.

A community profile for Graves County can be found at the following link: http://www.thinkkentucky.com/edis/cmnty/index.aspx?cw=019.

The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for creating new jobs and new investment in the state. New business investment in Kentucky in 2006 totaled more than $3.4 billion with the creation of over 18,500 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at http://www.thinkkentucky.com/.