Local Company Says Investment During Recession Paying Off
LEXINGTON, Ky. - One local company says its decision not to cut back during the recession is yielding dividends as the economy shows signs of rebounding. Big Ass Fans is expanding its workforce.
The fan company received a government incentive two months ago and just broke ground Tuesday on a new headquarters in Lexington. The company is spread across Lexington, but plans to consolidate with a new 80-thousand square foot storage facility and a 240-thousand square foot building to house operations. A state tax incentive will require the company to add 150 new jobs over the next six years. Big Ass Fans spokesperson Sherrell Watson says the company took the road less traveled during the economic downturn.
"We took a different approach during the recession. A lot of other companies were laying off employees, but we put money into research and development for new products and finding new markets for our fans, which was totally different from what other people were doing," Watson says.
Watson says the business has room to hire 300 new employees over time, more than doubling its workforce. Big Ass Fans also recently purchased a smaller company and incorporated its technology, adding a residential fan model to its product line.