SRC plans $15M expansion in Kentucky

Springfield-based SRC Holdings Corp. is expanding in Kentucky to the tune of tens of millions of dollars.

The company's SRC of Lexington subsidiary is expanding in the city of the same name with the purchase of a manufacturing facility that spans nearly 180,000 square feet on 14 acres, according to a news release. The purchase was completed in March, and altogether, SRC intends to invest nearly $15 million on the expansion project.

“This expansion is a pivotal development for our organization,” said Tim Stack, executive vice president at SRC Holdings Corp., in the release. “This state-of-the-art facility dramatically increases our capacity and efficiency, allowing us to better serve our customers and grow."

As part of the expansion, SRC plans to conduct facility renovations and improvements throughout 2024, followed by a multiphased move to the new facility in 2025, officials say.

SRC of Lexington opened in 2010 after SRC Holdings purchased a remanufacturing plant that had been operated by Komatsu America Corp., according to Springfield Business Journal archives.

SRC of Lexington now has around 180 employees who remanufacture original equipment manufacturer and aftermarket products in the construction, mining, natural gas and power generation markets, according to the release.