Ford to invest another $200 Million in Louisville; State Incentives protect 5,000+ Jobs
Ford Motor Company is planning an additional $200 million investment at its two Louisville manufacturing plants under an amended incentive package approved by the Kentucky Economic Development Finance Authority.
Ford plans an additional $100 million investment at the Kentucky Truck Plant – on top of the $200 million in retooling over the past two years – to allow the plant to produce the Navigator and Expedition models starting in spring 2009.
Ford also plans to invest at least $100 million in the Louisville Assembly Plant to provide the manufacturing flexibility to produce a new, fuel-efficient car for the U.S. market by 2011. The total investment required to install a new flexible body shop and other re-tooling at LAP for full conversion from an SUV to a car plant will likely exceed $300 million and could go as high as $500 million.
The incentives will allow Ford to recover up to 30 percent of its total investment made by 2016, capped at $180 million. The incentive package is the culmination of months of meetings and discussions between Ford, the Commonwealth of Kentucky and the City of Louisville. The package, which includes investment and employment targets to qualify for incentives, enables Ford to finalize plans for improvements at both Louisville facilities.
“These investments will help protect the jobs of more than 5,000 Ford employees in the Louisville area and thousands more people throughout the commonwealth whose jobs and businesses depend on Ford’s continued presence here,” said Gov. Steve Beshear.
In addition, the state has approved $2 million in incentives to help auto parts supplier Martinrea expand its Christian County plant, which produces parts for Ford vehicles. Martinrea is planning a $13.5 million expansion that will add 65 jobs to its existing 340-member workforce.