Kentucky Governor Steve Beshear announced today VMV Paducahbilt plans to expand operations in Paducah, creating 25 full-time jobs and investing more than $900,000.
VMV Paducahbilt provides new and remanufactured locomotives, locomotive products and wheel services. The company plans to expand operations at its Paducah facility, which currently has 144 full-time Kentucky employees. The Kentucky Economic Development Finance Authority 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.