Posted on: December 11, 2009
Business First of Louisville – by John R. Karman III, Staff Writer
Fellon-McCord & Associates LLC, a Louisville-based energy-consulting business, plans to add at least 40 jobs in the next three years to keep up with growing demand for its advisory and management services.
The 17-year-old company, which currently has 60 employees, also is looking to more than double the amount of space that it leases at 9960 Corporate Campus Drive in the Hurstbourne Green business park, according to president and CEO Andrew Fellon.
The firm is looking at several other sites in Louisville for its potential expansion, Fellon said, although he declined to identify them. The company currently occupies 9,400 square feet at Hurstbourne Green.
Company plans call for 20 jobs to be added in the next year, Fellon said. They would be a mix of analyst and management positions.
Company looked at Chicago, Houston
Fellon-McCord announced its potential expansion plans during a Dec. 10 meeting of the Kentucky Economic Development Finance Authority in Frankfort.
The KEDFA board granted the company preliminary approval for $1 million in state tax incentives for up to 10 years.
The expansion would require an investment of nearly $4.2 million, including rent payments, according to the KEDFA filing. The 20 initial new jobs would have an average hourly wage of $23 and an annual payroll of $800,000.
Fellon said his company considered Chicago and Houston as possible sites for expansion but wanted to stay in Louisville because it is “a great place to live.”
He called the state incentives “always important” to any company’s growth plans.
Owners bought back firm in 2008
Fellon-McCord was founded in 1992 by Fellon and business partner John McCord, who now is company chairman.
They sold it in 2003 to Baltimore-based Constellation Energy but bought it back as part of an investor group last year.
Fellon said his firm is growing because the economic downturn “has caused companies to look even harder at their energy costs.”
Fellon-McCord helps commercial and industrial businesses buy energy and manage energy expenditures. Its clients include automotive, building materials, chemical, food processing, aluminum and steel, municipal and institutional consumers.
“We are increasingly in demand,” Fellon said.