(KY Governor’s Office)–Anixter Inc., a global distributor of technology, electronic, network and security products, plans to invest $4.23 million and grow by 103 full-time jobs as it relocates within Lexington, Gov. Matt Bevin announced today.
Anixters current 12-employee sales office on Majestic Drive in Lexington will relocate to the newly constructed 38,500-square-foot Turner Development Business Center on Lexingtons Fortune Drive. Anixter will occupy 21,000 square feet.
Anixter leaders said growth projections prompted the expansion. The project will create a centralized, Kentucky-based sales team to provide seamless service for East Coast customers. As well, the new facility will bring the opportunity to add at least three new Anixter technologies to Kentucky, including audio visual, wireless communication and power services.
Anixter is excited to have Lexington as the home of our new East Coast sales hub for our Network & Security Solutions segment. As a company that is constantly adapting to meet the changing needs of our customers, we found the same spirit of investment and growth here in Lexington. said Anixter President and CEO Bill Galvin. We look forward to continuing to build relationships in Kentucky and enhancing our service to customers across the east coast region.
Anixter International employs more than 9,300 people and distributes products for network and security, electrical and electronic and utility power applications globally. The company helps build, connect, protect and power valuable assets and critical infrastructures. As well, it works to lower the cost, risk and complexity of its customers supply chains.
For its approximately 130,000 customers, Anixter supplies nearly 600,000 products and keeps over $1 billion in inventory at 316 warehouses/branch locations in over 300 cities across approximately 50 countries. Founded in 1957 and headquartered near Chicago, Anixter trades on the New York Stock Exchange under the symbol AXE.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority in December 2018 preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $1.6 million in tax incentives based on the companys investment of $4.23 million into the mill and annual targets of:
- Creation and maintenance of 103 Kentucky-resident full-time jobs across 10 years
- Paying an average hourly wage of $44 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 company may claim eligible incentives against its income tax liability and/or wage assessments.