FEAM AERO, a provider of aircraft maintenance and engineering services is expanding their services in North Kentucky. In addition, the company’s latest expansion will nearly add around 250 new jobs.
FEAM AERO is investing $40.2 million
The company will locate a new three-bay hangar at the Cincinnati/Northern Kentucky International Airport in Hebron. The project will cost $40.2 million for completion. Gov. Andy Beshear said Thursday in a statement. Moreover, the new jobs at the facility will include aircraft mechanics and technicians, ground support equipment mechanics, administrative personnel and management positions. FEAM AERO are planning to start construction of 150,000 square feet hanger by the June this year. The expansion will complete by the end of next year. The new facility will provide more aircraft maintenance capacity. In addition, it will also provide resources for the company to expand its customer base in support of cargo operations. Currently, FEAM AERO is employing 300 people at the airport.
“We are not only excited for the opportunity to continue growing our relationship with CVG airport, but we are also thrilled in continuing to exceed our customer expectations, delivering them more value at such a critical time in aviation.” EAM AERO owner and CEO Fred Murphy said in a statement. FEAM is experiencing continued growth and unprecedented global expansion.
Tax incentive and employment opportunities
Kentucky Economic Development Finance Authority has approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The purpose is to encourage the investment and job growth in the community. The performance-based agreement can provide up to $1.75 million in tax incentives on the company’s $40.2 million investment. In addition, the company needs to create 124 full-time jobs in Kentucky over the next 10 years. Moreover, they are also required to pay an average hourly wage of $38.5 including benefits. Additionally, KEDFA has also approved FEAM AERO up to $300,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA).
“We continue to see existing Kentucky businesses grow and create quality jobs throughout the state. These well-paying positions will benefit well over 100 Kentucky families while also improving support for two of our major air hubs at CVG Airport.” Governor Andy Beshear expressed his views in a statement.
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