With Jacksonville business story

There will be an expansion at the Zyklus Heat Transfer Inc. facility in Jacksonville, the city’s economic development corporation announced last week.

The efforts by the city of Jacksonville and the Jacksonville Economic Development Corp. culminated recently with City Council’s unanimous approval of an incentive package.

The end result is expected to be construction of a manufacturing facility of more than 300,000 square feet in Norman Industrial Park, according to a news release from the Jacksonville Economic Development Corp.

Zyklus was acquired in June 2018 by Italy-based LU-VE Group, marking that company’s entrance into the U.S. refrigeration and air-conditioning market, according to the news release. LU-VE Group is publicly traded on the Italian stock exchange. In addition to its operations in Italy, LU-VE has production facilities in China, the Czech Republic, Finland, India, Poland, Russia, Sweden and the United States, according to the news release. The company employs more than 3,000 employees worldwide.

Zach Riddlesperger, formerly the president of Zyklus, now serves as vice president of U.S. operations for LU-VE. After the acquisition, he led a team of executives in search of a suitable site for expansion, according to the news release.

Meetings with the Jacksonville Economic Development Corp. began in mid-2018 and city officials were involved in preparing an assistance package.

At a meeting in January, LU-VE CEO Matteo Liberali said, “The opportunity we have here in Jacksonville is very important for our further growth. We are pleased to have such an opportunity to cooperate with JEDCO and the local community.”

“The name LU-VE represents ‘lucky venture,’ and Jacksonville is extremely lucky to be a home for this strong and growing global company,” said JEDCO President James Hubbard.

“Their presence in Norman Industrial Park will build synergies and add business to existing companies in the park,” he said.

“On behalf of the entire JEDCO board, it has been a pleasure working with Zyklus and the City Council on this project” said JEDCO Chairman Darrell Dement. “The commitment of Mr. Riddlesperger to Jacksonville must not go unrecognized, his determination, hard work, and vision led to this opportunity for our community.”

Assistance for this project included the granting of 20 acres of land in Norman Industrial Park by JEDCO and a six-year agreement on property tax abatement from the city of Jacksonville.

Zyklus is in the process of finalizing the design of the new facility and expects to break ground in the fall.

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