FRANKFORT, Ky. (Oct. 25, 2022) – Today, Gov. Andy Beshear joined local officials in Breckinridge County and leaders from Kentucky-based Atlas Machine and Supply Inc. as the company broke ground on its new 32,500-square-foot facility in Hardinsburg, creating 78 well-paying jobs for local residents with a $3.47 million investment.
During today’s groundbreaking, Gov. Beshear also presented three awards totaling $2,072,590 for Breckinridge County communities.
“The continued investment we are seeing from companies throughout the commonwealth is a testament to our workforce, resources and location,” Gov. Beshear said. “Atlas has been doing business in the commonwealth for over 100 years, and today’s groundbreaking ceremony is an exciting next step for this company and community. I am thrilled to be here today to celebrate this exciting investment and want to thank Atlas’ leadership for believing in what Kentucky has to offer.”
The facility will serve as headquarters for the company’s Field Machining Division, which performs on-site industrial repairs for manufacturers throughout the United States and beyond. Atlas’ new, larger facility will assist the company in reaching its potential for field machining services by allowing it to improve the efficiency and flexibility of the group, better attract and retain talent and provide space for continued growth. The facility will be located on 10 acres in the Breckinridge County Industrial Park and will replace a smaller Atlas location in nearby Harned. With more than 20 people currently employed, Atlas is on track to create 78 additional well-paying jobs over a 15-year period, bringing the eventual total number of employees at the new facility to 100.
Richie Gimmel, president of Atlas Machine and Supply, said the company is excited to take the next step and grow its presence here in the commonwealth.
“The construction of this new facility is an exciting milestone for our company,” said Gimmel. “I am forever grateful for the employees at Atlas. Because of their skills and dedication, we are able to build a headquarters for our Field Machining Division in Breckinridge County.”
Atlas Machine and Supply Inc. is a fourth-generation family business founded in 1907 in Louisville. Originally focused on elevator design and manufacturing, Atlas Machine today primarily helps keep large-scale machines operational. The company also provides compressed air systems and services necessary for many manufacturers. Manufacturers rely on Atlas Machine for the repair and re-manufacture of industrial parts that keep their industrial plants running. The company services, manufactures and repairs machinery for customers principally in the manufacturing sector throughout the United States and worldwide.
Atlas Machine and Supply Inc.’s growth builds on Kentucky’s manufacturing prowess, which in 2021 saw companies announce 13,900 new jobs in the commonwealth behind $10.5 billion in new investments. Statewide, manufacturers operate nearly 5,000 facilities employing approximately 250,000 residents.
Breckinridge County Judge/Executive Maurice Lucas appreciates the company’s trust and continued support of the community.
“I want to thank Atlas for their confidence in our community, and especially in the wonderful machinists and other skilled workers we develop here,” said Judge Lucas. “Thank you for your faith in our workforce.”
Hardinsburg Mayor Wayne Macy looks forward to working with and seeing the company grow in Hardinsburg.
“We are very excited to continue working with Atlas Machine,” said Mayor Macy. “This is a great opportunity for Hardinsburg and will encourage further growth in our industrial park.”
Meredith Dubree, executive director of Breckinridge County United Economic Development, is excited for the partnership and future success of the company in Breckinridge County.
“Today we are celebrating both Atlas’ history of success and the bright future of the Field Machining Division in Breckinridge County,” said Dubree. “This investment and these new jobs will positively impact families in our community for generations to come.”
Governor Presents $2 Million in Cleaner Water, Transportation FundingToday, Gov. Beshear presented three awards totaling $2,072,590 for Breckinridge County communities.
The City of Hardinsburg received $1,379,590 to extend waterlines to approximately 150 unserved households. These homes currently rely on either hauled water or groundwater wells, which can be unreliable and low-quality. The areas impacted by this project are located on: Kentucky Route 333 from U.S. Highway 60 to Bewleyville; a loop of Kentucky Route 2202 and Kentucky Route 2781 south of Irvington; Guston-Bewleyville Road; Mark’s Ridge Road; Dents Bridge Road; and Sienna Circle.
The City of Irvington received $443,000 to extend a 4-inch waterline approximately 8,400 linear feet along Lon Dowell Road and Willis Jones Road. The project will provide clean water service to approximately 28 unserved households.
Funded by the American Rescue Plan Act and administered by the Kentucky Infrastructure Authority, $500 million has been appropriated through a bipartisan agreement with the General Assembly to provide clean drinking water and wastewater grants to fund projects across Kentucky since 2021.
Breckinridge County received $250,000 in Kentucky Transportation Cabinet funding for resurfacing a total of 8.79 miles along portions of Old Railroad, Dents Bridge, Old Kirk-Axtel and Tules Creek Roads.
Atlas Machine and Supply Inc.’s Investment Adds to Record Economic MomentumAtlas Machine and Supply Inc.’s investment and planned job creation furthers recent economic momentum in the commonwealth as the state builds back stronger from the effects of the pandemic.
In 2021, the commonwealth shattered every economic development record in the books. Private-sector new-location and expansion announcements included a record $11.2 billion in total planned investment and commitments to create a record 18,000-plus full-time jobs across the coming years. Kentucky’s average incentivized hourly wage for projects statewide in 2021 was $24 before benefits, a 9.4% increase over the previous year.
The economic momentum has carried strongly into 2022, with nearly $7.5 billion invested and more than 13,000 full-time jobs created just through September.
Since taking office, Gov. Beshear’s administration has welcomed $21 billion in investments that are creating 40,000 jobs, including the two largest economic development projects in state history. In September 2021, Gov. Beshear and leaders from Ford Motor Co. and SK Innovation celebrated a transformative $5.8 billion investment that will create 5,000 jobs in Hardin County. And in April of this year, the Governor was joined by leadership at Envision AESC to announce a $2 billion investment that will create 2,000 jobs in Warren County. These announcements solidify Kentucky as the EV battery production capital of the United States.
Kentucky’s success has been noted by both S&P Global Ratings and Fitch Ratings, which have upgraded the state’s financial outlook to positive in recognition of the commonwealth’s surging economy. In addition, Site Selection magazine placed Kentucky at 6th in its annual Prosperity Cup rankings for 2022, which recognizes state-level economic success based on capital investments.
Kentucky has posted record low unemployment rates for several consecutive months, holding at or below 3.9% since April 2022.
In July, the Governor reported the highest annual growth rate in 31 years. And for the second year in a row, Kentucky’s General Fund budget surplus has exceeded $1 billion. Also in July, Gov. Beshear reported that the state’s rainy day fund is up to a record balance of $2.7 billion, significantly higher than the $129 million balance the fund had when the Governor took office.
Data from the U.S. Bureau of Labor Statistics showed Kentucky lead the entire nation in job growth for the month of August, adding 26,700 nonfarm payroll jobs.
In September, Kentucky reported August 2022 General Fund receipts hit an unprecedented high for any August on record, marking 21 straight months of growing revenues for the state. September was also the third highest revenue month on record with more than $1.4 billion reported, marking the seventh month this year with collections topping $1 billion.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in July preliminarily approved a 15-year incentive agreement with Atlas Machine and Supply Inc. under the Kentucky Business Investment program. The performance-based agreement can provide tax incentives based on the company’s investment and annual job and wage targets.
Additionally, KEDFA approved Atlas Machine and Supply Inc. for 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.
In addition, Atlas Machine and Supply Inc. 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.
For more information on Atlas Machine and Supply Inc., visit atlasmachine.com.
A detailed community profile for Breckinridge County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.