The company's $920,000 plan to expand includes additional shop equipment, IT upgrades, phone systems and building repairs at its Paducah facility.
"VMV Paducahbilt is a company with a long and rich heritage, with more than seven decades of production and service for the railroad industry," said Kentucky Gov. Steve Beshear. "This expansion in Paducah not only means 25 new jobs and $900,000 in investment, it also means a renewed commitment to a community that has become a true home for VMV Paducahbilt."
"We're thrilled to partner with the commonwealth to continue building on the success here at VMV Paducahbilt," said Bob Pedersen, vice president and general manager of VMV Paducahbilt. "This announcement represents a lot of hard work from many sources, especially the people of VMV Paducahbilt, who take pride in the performance and quality of our products, and the fact that we are exporting to countries all over the world."
To encourage the investment and job growth in Paducah, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $500,000 through the Kentucky Business Investment program. The performance-based incentive allows a 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.