Cabinet for Economic Development
Gov. Beshear Announces Innovative Manufacturing Services
Company to relocate to larger facility, invest approximately $710,000
FRANKFORT, Ky. (Dec. 2, 2011) – Governor Steve Beshear today announced Innovative Manufacturing Services Inc. will expand its Glasgow facility, creating 25 new jobs. The company, which makes industrial controls and conveyors for a variety of industries, will invest approximately $710,000 as a result of the expansion.
“This is an excellent success story for Glasgow and Innovative Manufacturing Services,” Gov. Beshear said. “The company has just three employees today, but they’re about to experience a huge growth spurt by hiring 25 more. We are proud to partner with such a dynamic company to make this growth possible.”
Innovative Manufacturing Services, which was established in Glasgow in 2003, has outgrown its existing 3,200-square-foot facility. The company has purchased a new 20,000-square-foot facility that will allow it to create a national network for its products. The new plant will be fully operational later this month.
“The expansion of Innovative Manufacturing Services is an exciting time for us, and we appreciate the efforts by Gov. Beshear and the Kentucky Cabinet for Economic Development, which has had a positive impact on investment decisions,” said Mike Goad, president of Innovative Manufacturing Services. “We are looking forward to profitable growth of our business and to contribute to employment opportunities for the region.”
The Kentucky Economic Development Finance Authority preliminarily approved Innovative Manufacturing Services for tax incentives up to $500,000 through the Kentucky Business Investment program. The performance-based incentive allows the company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
“We welcome the news of Innovative Manufacturing Services expansion in Glasgow,” said Sen. David Givens, of Greensburg. “Their growth affirms the vibrancy of our community and all that we offer new and existing employers.”
“I’m very pleased to see Innovative Manufacturing Services make this decision, which is another step forward for our local economy,” said Rep. Johnny Bell, of Glasgow. “It says a lot about all that we have to offer as a community, especially when it comes to our workforce.”
“The city of Glasgow is pleased to assist Innovative Manufacturing Services, a local company, and owner Mike Goad, in their efforts to expand and add 25 additional jobs to Glasgow's workforce,” said Glasgow Mayor Rhonda Riherd Trautman. “I want to thank Gov. Beshear and the Kentucky Cabinet for Economic Development for providing the Kentucky Business Incentive program, which has been so helpful in our efforts to create and retain jobs in Glasgow. By partnering with the state on these types of projects, the city is able to effectively leverage our local business incentives resulting in more jobs for our community.”
“Barren County congratulates Innovative Manufacturing Services on their recent expansion announcement and the creation of 25 new jobs to the local workforce,” said Barren County Judge-Executive Davie D. Greer. “Innovative Manufacturing Services has been an important part of this community since 2003. We extend our assistance to this company in this expansion and look forward to continuing this positive growth for Barren County.”
For more information on Innovative Manufacturing Services, visit www.ims-ky.com.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky.
A detailed community profile for Glasgow (Barren County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=062.