JACKSONVILLE – The Jacksonville Economic Development Corporation (JEDCO) is pleased to announce the expansion of Zyklus Heat Transfer, Inc. (Zyklus). JEDCO and City of Jacksonville efforts culminated Tuesday, June 11 with City Council’s unanimous approval of an incentive package expected to result in the construction of a 300,000+ square-foot manufacturing facility in Norman Industrial Park.
In June 2018, Italy-based LU-VE Group (LU-VE) acquired Zyklus, marking the company’s entrance into the U.S. refrigeration and air conditioning market. LU-VE Group is publicly traded on the Italian stock exchange and generates more than $475 million (pro-forma 2018) in annual revenue. In addition to its operations in Italy, LU-VE has production facilities in China, Czech Republic, Finland, India, Poland, Russia, Sweden and the US. The company employs more than 3,000 employees worldwide and has plans to create many new jobs in Jacksonville.
Zach Riddlesperger, formerly the President of Zyklus, now serves as the Vice President of US Operations with LU-VE. After finalizing the acquisition, he led a team of executives in search of a suitable site for expansion. Meetings with JEDCO began in mid-2018 and City officials were closely involved in preparing an assistance package to keep the growth and jobs in Jacksonville. At a meeting in January, LU-VE CEO Matteo Liberali stated, “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” in reference to the work of JEDCO to prepare an assistance package.
“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.”
“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 of the Board 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 property tax relief agreement from the City of Jacksonville. Zyklus is in the process of finalizing the design of their new facility and expects to break ground in fall of 2019.
The Jacksonville Economic Development Corporation (JEDCO) was established in 1995 by the voters of Jacksonville. JEDCO is a Type B corporation governed by State Law and operates on revenue from a ½ cent sales tax. JEDCO is led by a seven-member board of directors appointed by the Jacksonville City Council.