Rapid Industries Expands Louisville, Kentucky, Operations
05/27/2022
The company will construct a 50,000-square-foot manufacturing facility adjacent to its existing headquarters on Oaklawn Drive, where it currently employs more than 125 employees. The investment also will accommodate the purchase of new equipment.
“Rapid Industries has produced conveyor systems in Kentucky for decades, and under its current leadership since 2016, the company has continued its success and is poised for even more growth in the future,” Governor Andy Beshear said. “Congratulations to everyone at Rapid Industries. I look forward to seeing what’s next for this quality employer in Louisville.”
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) today preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $300,000 in tax incentives based on the company’s investment of $6.8 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 $25 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, the company 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.
“Benefiting from our competitive cost of doing business and central location, the e-commerce and logistics sectors have grown into a more than $5 billion industry locally,” Mayor Fischer said. “Rapid Industries provides critical infrastructure that helps logistics companies move and sort packages accurately and efficiently. We are excited to see the continued growth of companies in Louisville within this critical industry and congratulate Rapid Industries on their expansion!”
Rapid Industries provides conveyor systems to support a range of industries, including parcel, automotive and appliance companies.
Project Announcements
AeroVironment Plans Salt Lake City, Utah, Manufacturing Operations
02/15/2025
Amazon Plans Salina, Kansas, Distribution Operations
02/15/2025
Loukus Technologies Expands Calumet, Michigan, Operations
02/15/2025
Great Lakes Sound & Vibration Expands Franklin Township, Michigan, Operations
02/15/2025
Taiwan-Based Syntec Precision Technology Plans Henderson, North Carolina, Operations
02/15/2025
Key Tronic Plans Springdale, Arkansas, Manufacturing-R&D Operations
02/15/2025
Most Read
-
2024's Leading Metro Locations: U.S. Cities on the Rise Amid an Economic Reshuffling
Q4 2024
-
The Workforce Factor: How States Are Competing to Build Tomorrow's Talent
Q4 2024
-
Best Practices in Incentives Procurement
Q4 2024
-
NEW NIMBYism: A Threat to The U.S. Economy
Q4 2024
-
Five Strategies to Tackle the Data Center Talent Shortage
Q4 2024
-
Microsoft-Three Mile Island Deal Could Signal Path for Nuclear Power to Strengthen Partnerships with Big Tech
Q4 2024
-
Industries Look for Employees in Nontraditional Spaces Amid Labor Shortage
Q4 2024