Packaging and procurement services provider Pegasus Industries will invest $738,000 to expand their headquarters in Shelbyville, Kentucky.
The company will expand its current facility located at 421 Haven Hill Road by almost 3,000 square feet, which will allow Pegasus to provide custom service to Kentucky’s bourbon and spirits industry, according to state officials. The project will include investing in new technology and adding machinery, shipping docks, equipment and systems to help process more orders and assist with specialized packaging and promotional items.
“We are excited to play a larger role as a more strategic partner for such a growing and important industry,” said Steve Meador, president of Pegasus Industries. “The expansion of our facility allows us to meet very unique needs with truly customized logistical solutions. When Kentucky companies committed to innovation and excellence work together anything is possible.”
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a seven-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $210,000 in tax incentives based on the company’s investment of $738,000 and annual targets of creation and maintenance of 26 Kentucky-resident, full-time jobs across seven years and paying an average hourly wage of $22.50 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.
“Kentucky’s prime geographic location and access to resources have been a driving force behind the state’s distribution and logistics sector growth,” Governor Andy Beshear said. “This expansion by Pegasus Industries is an incredible commitment to continue that growth and support the state’s spirits industry. I want to thank the company’s leadership for its continued support of our workforce and am excited to see the benefits that this expansion will bring.”
In addition, Pegasus Industries can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
“We are very excited to have one of our local industries choosing to expand here,” added Shelby County Industrial & Development Foundation Executive Director Libby Adams. “They could have taken this expansion out of state, if it were not for the incentive package offered,” Adams said. “They are a great community-minded company, and we are very pleased to have their growth happen here.”
For nearly 25 years, Pegasus Industries and Packaging has provided packaging and procurement services and total supply chain solutions to a wide variety of customers. The company operates 14 facilities in four states, employing more than 400.