SHEPHERDSVILLE, Ky. (Jan. 24, 2012) – Gov. Steve Beshear today participated in the grand opening of Magna Seating of America’s new 139,500-s.f. Bullitt County facility. The nearly $20 million investment is expected to create up to 450 new jobs within the next few years – 216 jobs more than originally planned.
Magna Seating, an operating unit of Magna International, designs, develops and manufactures technologically advanced automotive seating systems. The company will manufacture seating and seating components to support Ford’s C520 program at the Louisville Assembly Plant.
“The location of Magna Seating further enhances Kentucky’s reputation as a leader in the automotive industry,” Gov. Beshear said. “It also demonstrates the ripple effect Ford’s presence and continued growth has on the rest of the state. Magna Seating’s nearly $20 million investment and the creation of 450 new jobs within the next few years is something the entire Commonwealth can be excited about. We look forward to a partnership with Magna Seating that will flourish for years to come.”
Kentucky is currently home to 440 automotive-related industries that employ nearly 68,000 people. Additionally, Kentucky ranks third highest in auto industry-related employment as a percent of total state employment among the top motor vehicle producing states in the U.S.
“On behalf of Magna Seating, I want to thank the city of Shepherdsville, Bullitt County and the Commonwealth of Kentucky for their ongoing support and collaboration on this project,” said Magna Seating President Mike Bisson. “They have helped make it possible for us to come here and establish this operation, and we are excited for the opportunity to support our customer Ford and their Louisville Assembly Plant.”
At full employment, Magna Seating’s presence is expected to have an estimated economic impact of $90.6 million on the state’s GDP, while spurring 742 additional indirect and induced jobs in the state.
To encourage the increased investment and job creation in Bullitt County, the Kentucky Economic Development Finance Authority amended the preliminarily approval of tax incentives for Magna Seating. The company is now eligible for up to $8.5 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
“Magna Seating is a great company that will have a positive impact on our community, creating jobs and hometown opportunity,” said Sen. Paul Hornback, of Shelbyville.
“We are extremely pleased to have this company bring these jobs to our community, and I look forward to working with Magna Seating for years to come,” said Rep. Linda Belcher, of Shepherdsville. “This investment will mean so much to our region.”
“Magna Seating’s decision to locate its facility in Bullitt County is a testament to the highly skilled, highly trained workforce Kentucky can offer to the automotive industry,” said Rep. Dwight Butler, of Harned. “It also reflects the comeback in the American automotive industry as Magna Seating’s decision to locate here was because of expansion of Ford’s Louisville production facility. I am hopeful this is the start of more automotive component manufacturers locating in Bullitt County.”
“As mayor of the city of Shepherdsville, I am pleased with the opening of the Magna Seating Shepherdsville plant,” said Shepherdsville Mayor Raymond S. Ellis III. “Magna is a great asset to our community and their growth says a lot about their commitment to this great Commonwealth, Bullitt County and the city of Shepherdsville. The planned hiring of 450 people helps put Kentuckians and the citizens of Bullitt County and Shepherdsville back to work.”
“Bullitt County is very excited to welcome Magna Seating of America, a subsidiary of Magna International Inc., and its plans to operate a 140,000-square-foot plant that will employ 450 workers,” said Melanie J. Roberts, Bullitt County judge-executive. “As people are in need of jobs, Magna Seating of America is greatly assisting in keeping Bullitt County’s economic environment thriving.”
For more information on Magna Seating, visit www.magna.com.