Aerospace Composites Solutions Relocates-Plans Morgantown, Kentucky, Operations
The company will relocate from 404 West Morrison Street and construct a new 150,000-square-foot facility on Lot 1 of the Morgantown Industrial Park.
“We are thrilled to announce this decision in Morgantown,” said Aerospace Composites Solutions President Matt Shieman. “This expansion will not only strengthen our presence in the region but also contribute to the growth and development of the local economy. We are committed to investing in the community and creating high-quality job opportunities.”
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $2 million in tax incentives based on the company’s investment of $16.8 million and annual targets of creation and maintenance of 72 Kentucky-resident, full-time jobs across 15 years, and paying an average hourly wage of $30, including benefits, across those jobs.
“Established companies expanding in the commonwealth is crucial to building on the economic momentum we’ve been experiencing,” noted Governor Andy Beshear. “Kentucky has been home to Aerospace Composites Solutions for over a decade, and I’m excited to see them continue to grow and invest in Kentucky. I look forward to seeing the company continue to thrive here in the commonwealth.”
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.
In addition, ACS 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.
“The Bowling Green Area Chamber of Commerce is committed to taking a regional approach to economic development,” added Bowling Green Area Chamber of Commerce President Ron Bunch. “We support Morgantown’s efforts to help grow their existing businesses and to attract new ones. We are here to provide resources to grow the South Central region’s economy. We win together and join Morgantown in celebrating the news of ACS’s expansion.”
ACS is a leading provider of comprehensive, advanced composites manufacturing services for the aerospace industry. The company’s services include design support, prototype creation, manufacture and certification of composite components. Composites are lighter, stronger and more durable than standard aerospace and high-performance industry materials, offering opportunities for increased performance, strength and payload with reduced maintenance costs.
2023 Top States for Doing Business Meet the Needs of Site Selectors
The Rise of Mid-Size U.S. Cities: The Industrial Development Boom
Front Line: Brownfields Offer Redevelopment Opportunities
2023 Top States Commentary: Top-Ranked States Have What It Takes to Win Mega Projects
37th Annual Corporate Survey: Economic Pressures Exerting Greatest Effect on Decision-Makers
Immigration: A Potential Fix for Labor Shortages?
Workforce Q4 2023
2023 Top States Workforce Development Programs