SRC of Lexington Inc. will invest nearly $1.9 million to expand its operations in Fayette County, Kentucky. A remanufacturer of engines, drive train components and hydraulics for industrial equipment, the firm is expected to create up to 50 new jobs in the region.
In addition to the new jobs, SRC plans to renovate and expand its current facility on Eastland Drive. The 12,000-square-foot expansion will include more production space, a remodel of its current office facilities and the purchase of additional equipment to accommodate new business and meet growing customer demand.
To encourage the investment and job growth in Fayette County, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $600,000 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.
“SRC is an employee-owned company, and our purpose is to create jobs, grow wealth for our employee owners and to make an impact on the community,” said Rob Shear, SRC’s general manager. “We think that this expansion will help us to further that purpose, and we’re excited about the future for SRC here in Lexington.”
A subsidiary of SRC Holdings Corporation, the oldest employee-owned remanufacturer to OEMs in North America, SRC of Lexington currently has 100 employees. For more than 30 years, the company has been a leader in core logistics, disassembly, cleaning, machining, assembly and testing everything from fuel injectors to large off-highway transmissions.
“Through the Bluegrass Economic Advancement Movement and other efforts, central Kentucky is increasingly being seen as a world-class advanced manufacturing hub,” said Mayor Jim Gray. “We are excited about SRC’s continued investment in Lexington and the positive impact these new job opportunities will have on our local economy.”
“We have enjoyed working with SRC of Lexington on their expansion project,” said Bob Quick, President/CEO of Commerce Lexington Inc. “As SRC celebrates five years in Lexington, they will continue to add new jobs and investment to our community. We look forward to working with SRC for many years to come.”