FRANKFORT, KY (KFVS) - Kentucky Governor Matt Bevin announced Thursday that LSK Inc., an air-compressor parts manufacturer that began 13 years ago in Graves County, will invest more than $1 million to build a new facility and create 10 new full-time jobs.
"LSK's story is one that small business owners and entrepreneurs across the Commonwealth should use as an example of how to succeed on a grand scale," said Governor Bevin.
"Being an entrepreneur myself, I can say without question that the company's decision to stay, invest and provide jobs in Graves County does not go unnoticed. LSK is a prime example of the level of success all small business owners in Kentucky are striving to achieve."
The company was founded in Hickory in 2003 to make parts for centrifugal air compressors.
LSK currently operates in a shop near founder Cory Crowley's home.
With the new investment, LSK will build a 10,800-square-foot facility in Mayfield to accommodate future growth.
The additional space will allow the company to better supply its customers.
"We are excited about the new facility and are looking forward to the future," Crowley said. "We are very happy that we were able to keep the company in Graves County since our customer base is located in the county. The county officials have made this a very easy process and we believe this will take LSK Inc. to the next level."
The homegrown manufacturing operation supplies parts for assembly lines of Fortune 50 companies and power plants that provide energy internationally.
"We are happy to welcome this new LSK Inc. facility to Graves County," said Sen. Stan Humphries, of Cadiz. "The estimated 10 jobs and more than $1 million investment will be a great economic boost for the city of Mayfield and surrounding areas. We appreciate all those who helped make this expansion a reality."
"As state representative of Graves County, I am excited to see growth from one of our existing industries, LSK Inc.," said Rep. Richard Heath, of Mayfield. "Though I will not be able to be present for the groundbreaking, I want to extend my very best wishes to LSK Inc. and share in the excitement of this expansion."
To encourage the investment and job growth in Graves County, the Kentucky Economic Development Finance Authority (KEDFA) approved LSK for tax incentives up to $200,000 through the Kentucky Business Investment program.
The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
In addition, LSK is eligible to receive resources from the Kentucky Skills Network.
Through the Kentucky Skills Network, companies are eligible to receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. Last year, the Kentucky Skills Network trained more than 84,000 employees from more than 5,600 Kentucky companies.