A Kentucky company is expanding and relocating, creating 72 new full-time jobs in the process.
Aerospace Composites Solutions (ACS), formerly Blackhawk Composites broke ground on a $16.8 million project in Morgantown, Kentucky. The comprehensive composite design and manufacturing company is focused on boosting aircraft performance and capabilities, according to a news release.
“Established companies expanding in the commonwealth is crucial to building on the economic momentum we’ve been experiencing,” said Gov. Andy Beshear in the release. “Kentucky has been home to Aerospace Composites Solutions for over a decade, and I’m excited to see them continue to grow and invest in Kentucky. I look forward to seeing the company continue to thrive here in the commonwealth.”
For more than a decade, ACS has been located at 404 W. Morrison St. in Morgantown. While the facility has served the company well, ACS’ growth projections for the next 12 to 18 months require a larger facility to accommodate increased production, the release continued.
The company plans to build a new 150,000-square-foot facility on Lot 1 of the Morgantown Industrial Park. In 2021, Lot 1 became the first Build-Ready-certified location in Morgantown.
“We are thrilled to announce this decision in Morgantown,” said Aerospace Composites Solutions President Matt Shieman in the release. “This expansion will not only strengthen our presence in the region but also contribute to the growth and development of the local economy. We are committed to investing in the community and creating high-quality job opportunities.”
ACS' services include design support, prototype creation, manufacture and certification of composite components. Composites are lighter, stronger and more durable than standard aerospace and high-performance industry materials, offering opportunities for increased performance, strength and payload with reduced maintenance costs, the release said.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in June preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $2 million in tax incentives based on the company’s investment of $16.8 million and annual targets of:
- Creation and maintenance of 72 Kentucky-resident, full-time jobs across 15 years; and
- Paying an average hourly wage of $30, 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 release said. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, ACS 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.
