SPRINGFIELD, Ky. — INOAC Group North America LLC, a manufacturer of plastic, rubber, polyurethane, and composite products for automotive and other industries, announced it will expand its operation in Washington County and create 49 well-paying, full-time jobs with a more than $13.7 million investment.
The investment in new equipment and technology and building upgrades at INOAC’s facility on Industry Drive in Springfield comes in response to new business to supply products for Ford’s Kentucky Truck Plant in Louisville.
The 49 new jobs created through the project will include production operators, team leaders, and quality and material handling positions. Currently, INOAC employs more than 330 people at the Springfield plant. The project is scheduled for startup in the fall of 2022.
“INOAC is excited to continue our strong relationship with Ford and the Kentucky Truck Plant with this significant investment. This project will support our continued growth in this region, building on our longstanding relationship with Ford and the Springfield community,” said Roger Dawes, president of INOAC Group North America.
Opened in Springfield in 1990, INOAC Group North America manufactures thermoset, thermoplastic, elastomeric, and emerging material products. The company produces interior products for automotive customers such as Ford, Toyota, and Honda. Products include instrument panels, interior trim, armrests, headrests, noise, vibration and harshness (NVH) components, and seat cushioning. INOAC also manufactures materials for the packaging, consumer products, medical, electrical, construction, industrial machinery, and IT equipment markets.
The company is a subsidiary of Japan-based INOAC Corp., which operates throughout Asia and North America. Currently, nearly 200 Japanese-owned manufacturing, service, and technology-related facilities operate in the commonwealth, employing approximately 47,000 Kentucky residents.
INOAC’s investment and planned job creation further recent economic momentum in the commonwealth, as the state builds back stronger following the effects of the pandemic.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in October preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $550,000 in tax incentives based on the company’s investment of $13.7 million and annual targets of:
Creation and maintenance of 49 Kentucky-resident, full-time jobs across 10 years; and Paying an average hourly wage of $25 including benefits across those jobs. By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, INOAC can receive resources from Kentucky’s workforce service providers. These include no-cost recruitment and job placement services, reduced-cost customized training, and job-training incentives.
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