ACE Compressor Parts & Services Inc., a company that offers repair, replacement parts and service for air compressors, will invest more than $1.1 million to expand its Mayfield, Kentucky, manufacturing facility. The company plans to purchase property in an industrial park and expand into a 12,000-square-foot facility on Highway 45 North.
“We appreciate the help of both state and local government offices, such as the Cabinet for Economic Development, Mayfield/Graves County Growth Alliance, Purchase Area Development District, Mayfield, Kentucky Small Business Development District at Murray State University, and financial support from US Bank,” said Johnnie Lee, owner and general manger. “ACE has become both a domestic and international leader in supplying aftermarket parts, sales, and service for centrifugal air compressors needed for large scale manufacturing, pharmaceuticals, and power generation throughout the world. Again, a special word of thanks to all involved, because without the support of the above stated entities, this expansion would not be possible.”
“In a time when many companies across the country faced a difficult economic climate, ACE Compressor not only began operations in Mayfield, but now, four years later, is succeeding and growing,” said Gov. Steve Beshear. “We’re pleased to see the Commonwealth partner with ACE Compressor for 10 new jobs and a $1.1 million investment.”
As an incentive to encourage the investment and job growth in Mayfield, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $225,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
KEDFA also approved ACE Compressor for tax benefits up to $25,000 through the Kentucky Enterprise Initiative Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
“We are so excited about the future prospects for Ace Compressor in Mayfield and Graves County,” said Mayfield Mayor Teresa Cantrell. “In the meetings that I’ve been involved with, Johnnie Lee and his staff are committed to staying here and growing their business right here where it has its roots -- for a better future for Mayfield and Graves County.”