Automotive Service Products Relocates-Plans Boone County, Kentucky, Operations
The new 55,000-square-foot building will be located on eight acres in Union. Construction is planned to begin in January 2023 and be completed in December 2023. The company currently employs 35 people in the state.
“We are delighted to stay in Boone County where our company was founded and has been in business for the past 36 years,” said Jeff and Kellie Koenig, owners, Automotive Service Products. “Through high-quality service and partnership with our customers in the automotive industry driven by our outstanding team, our company has experienced significant success that is resulting in this expansion. Thank you to the State of Kentucky, Boone County and Northern Kentucky Tri-ED for their support and guidance through this process.”
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $250,000 in tax incentives based on the company’s investment of $8 million and annual targets of creation and maintenance of 25 Kentucky-resident, full-time jobs across 10 years; and paying an average hourly wage of $28.61 including benefits across those jobs.
Additionally, KEDFA approved ASP for up to $40,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing. 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 continues to see growth and momentum from some of its most important industries,” added Governor Andy Beshear. “The manufacturing sector plays a huge role in the commonwealth’s economy, and that is because of companies like Automotive Service Products. Seeing a company choose Kentucky over other locations to expand is a testament to the resources, unique location and skilled workforce in our state. I want to thank the leaders at Automotive Service Products for their continued dedication to this state and wish them all the success in the future.”
In addition, ASP 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 Cincinnati region provides excellent access to the majority of U.S. consumers and the distributors and companies that ASP serves,” noted Northern Kentucky Tri-ED CEO Lee Crume. “We appreciate ASP’s decision to expand in the same Northern Kentucky community where the company has operated for more than 35 years. The Cincinnati region provides excellent access to the majority of U.S. consumers and the distributors and companies that ASP serves. We appreciate ASP’s decision to expand in the same Northern Kentucky community where the company has operated for more than 35 years.”
Founded in 1986, Automotive Service Products provides a wide range of services, including in-house trade print manufacturing, custom products such as license plates, decals and office forms and warehousing and fulfillment. ASP’s clients range from single-person sole proprietorships to multimillion-dollar corporations. The company operates three distribution centers across the United States, located in Nevada, Ohio and Burlington, Kentucky.
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