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Area Development - Site Selection, Facility Planning and Workforce Development

Mitsubishi Electric US Plans Maysville, Kentucky, Operations

07/26/2024
Mitsubishi Electric US, a manufacturer and sales of electrical and electronic products and systems, plans to establish operations in Maysville, Kentucky. The $143.5 million project is expected to create 122 jobs in Macon County.

The investment will include the repurpose of an existing manufacturing facility which will produce advanced twin-rotary variable capacity compressors.

“Mitsubishi Electric is grateful to the Commonwealth of Kentucky for providing incentives to ensure we maintain our manufacturing presence in the Bluegrass State,” said Mike Corbo, president and CEO of Mitsubishi Electric US. “Creating technologies that support vibrant and sustainable societies is at our company’s core. This repurposed facility brings the production of compressors for our highly efficient heat pump systems here to the U.S., and with that new jobs and investments in technology that make American homes more comfortable, more sustainable and less expensive to heat and cool. This collaboration is a huge step toward many of our shared goals.”

To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $7 million in tax incentives based on the company’s investment of $143.5 million and annual targets of: creation and maintenance of 122 Kentucky-resident, full-time jobs across 15 years; and paying an average hourly wage of $53.32 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. In addition, Mitsubishi Electric can receive resources from Kentucky’s workforce service providers.

“The establishment of this facility positions Mitsubishi Electric, a leader in all-climate heat pump systems, to take its business to the next level and emphasizes the importance of investing in companies that are committed to U.S. manufacturing,” Governor Andy Beshear noted. “I want to congratulate the company’s leadership on their decision to reinvest in Kentucky.”

MEUS, working with its joint venture METUS, its parent Mitsubishi Electric Corporation and affiliates (collectively, Mitsubishi Electric), is a designer, manufacturer and seller of advanced heat pump systems and sophisticated compressors used in residential and commercial settings.

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