FRANKFORT, Ky.–(BUSINESS WIRE)–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.
“Meggitt has played a significant role in the economy of the Boyle County community since locating there 13 years ago,” Gov. Bevin said. “Currently employing more than 200 people, the company continues its strong upward trajectory within the commonwealth’s booming aerospace industry. We thank Meggitt for its commitment to Kentucky, and we look forward to many more years of continued growth.”
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.
“Our order book has grown substantially in recent years and we are also witnessing a significant increase in carbon brake demand. It is a trend that is set to continue and this investment is an essential part of our future strategy,” said Brian Bondarenko, president of Meggitt Braking Systems. “Investing in Danville is a natural choice for us. We have been operating here for over 14 years and we continue to increase capacity. Danville gives us ready access to a rich talent pool and skilled employees, through this investment we hope to increase our workforce over time.”
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.
“This announcement is very exciting news for our local economy, as Meggitt’s expansion will add to their already strong presence in Boyle County,” Rep. Elliott said. “As Kentucky’s number one export, the aerospace industry continues to thrive and employ more of our citizens, including right here in Danville. I want to thank Meggitt for their investment and confidence in our community and workforce, and look forward to seeing their creation of 83 new, quality jobs.”
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.
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.
For more information on Meggitt, visit www.Meggitt.com
A detailed community profile for Boyle County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook, follow on Twitter and watch the Cabinet’s “Now you Know” video on YouTube.