FRANKFORT, Ky. — Auto components supplier Piston Automotive will invest $1.5 million for an expansion of its Louisville operation, which will create 50 full-time jobs, Gov. Matt Bevin announced Thursday.
“Kentucky’s automotive industry is firing on all cylinders, and we continue to see steady growth from OEMs and suppliers alike,” Gov. Bevin said. “Piston Automotive has enjoyed success with its Louisville operation over the past eight years, and we are excited to see it culminate in this expansion. We are grateful for Piston Automotive’s commitment to the commonwealth, and we look forward to seeing the company continue to accelerate their business into the future.”
Piston Automotive will purchase new equipment to be installed at its existing facility on Technology Drive in Louisville. The project will allow for the installation of a new production line and increased capabilities to support new market demand. Piston Automotive has operated in Louisville since 2011, where it currently employs 85 people.
“Our investment in the Louisville facility is a direct result of growth with one of our key customers, Ford, the support we’ve received from the community and the hard work our employees have put in to make Piston Automotive successful,” said Piston Group Chairman and Founder Vinnie Johnson. “We are thankful for the state’s confidence in our ability to grow and become a bigger provider of jobs in Kentucky.”
Piston Automotive is one of four entities – along with Irvin Products, Detroit Thermal Systems and AIREA – of parent company Piston Group LLC, headquartered in Southfield, Mich. Piston Group was founded in 1995 by industry magnate and former NBA champion Vinnie Johnson, and is one of the largest African-American-owned automotive suppliers in the United States. Today, Piston Group employs nearly 10,000 people at more than 20 locations across the US.
Rep. Jerry Miller, of Louisville, said the automotive industry is thriving in Kentucky, especially in the commonwealth’s largest city.
“With both this exciting news and Ford’s recent announcement that they will be increasing their vehicle production, it is clear that the automotive sector is growing rapidly in Louisville,” Rep. Miller said. “Piston Auto’s million-dollar investment and creation of 50 new jobs will put more people to work and add to our city’s economic livelihood, and is a testament to the pro-business policies coming out of Frankfort.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved the company for tax incentives up to $700,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of the new tax revenue it generates over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
In addition, Piston Auto can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.
For more information on Piston Auto, visit www.PistonAutomotive.com.
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