Kentucky Gov. Andy Beshear announced HVAC Distributing LLC plans to create 175 full-time jobs in Graves County as it purchases a speculative building for a second location in the Hickory Industrial Park.
“While navigating the pandemic’s challenges, we continue working to help companies create jobs for the future of Kentucky and our residents,” Gov. Beshear said. “Growth of companies like HVAC Distributing serve as a reminder of the commonwealth’s ability to support a range of industries, which are crucial in securing the state’s long-term economic future. I want to thank HVAC Distributing for its commitment to the commonwealth and the workforce in Graves County and the surrounding region.”
HVAC Distributing’s $7 million investment will purchase and outfit the 100,000-square-foot spec building on CenTech Drive in Hickory. The new location will accommodate recent and anticipated market growth. The building’s proximity to the company’s current operations in a 113,000-square-foot facility on Remington Way will allow HVAC Distributing to better manage its growing inventory, improve shipping speed and reduce operating costs.
“We are truly thankful for this opportunity that allows us to adapt quickly to growing market demand across our industry,” said Jason Ingram, managing member of HVAC Distributing.
Founded in Hickory in 2013, HVAC Distributing currently employs approximately 100 people. The family-owned business provides logistics support to its sister company Ingram’s Water & Air Equipment. In the past seven years, it has grown to diversify its inventory, expand capacity and boost employment. Currently, the company distributes products throughout the US for recognizable and rapidly growing brands including MRCOOL, and GeoCool, among others.
HVAC Distributing is part of Kentucky’s expansive logistics and distribution industry, which includes more than 540 facilities statewide employing nearly 75,000 people.
Sen. Stan Humphries, of Cadiz, said the growth of existing industry helps ensure future economic health during a challenging time.
“This is great news for Hickory and all of Graves County,” Sen. Humphries said. “Investments like this will have a noticeable impact here, and I look forward to seeing this investment result in new jobs that will help the local economy and beyond. We have challenges ahead of us, but we should be grateful to businesses like this that choose to invest in the people of Kentucky.”
Rep. Richard Heath, of Mayfield, said the commonwealth offers great opportunity for growing businesses like HVAC Distributing.
“Kentucky is a great state full of economic promises and potential. I am thrilled that HVAC Distributing LLC has decided to continue investing in Graves County,” Rep. Heath said. “I look forward to the successful completion of this expansion, as it will help provide economic opportunity for people and communities across Kentucky.”
Graves County Judge-Executive Jesse Perry said the project will help drive growth within the community in the years ahead.
“I am so proud to see HVAC Distributing continue investing in Graves County, and I look forward to seeing our beautiful county prosper for many years to come,” Judge-Executive Perry said.
Ryan Drane, president of Graves County Economic Development, said the company is an ideal fit for the community.
"We couldn't be more excited to see yet another expansion by such a great company,” Drane said. “The Ingram family and their employees are a true testament of hard work and never losing sight of your values. Our community is dedicated to assist them with their company's growth and we look forward to partnering with them again in the near future."
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $1.75 million in tax incentives based on the company’s investment of $7 million and annual targets of:
· Creation and maintenance of 175 Kentucky-resident, full-time jobs across 15 years
· Paying an average hourly wage of $20 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, HVAC Distributing can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.