FRANKFORT, Ky. — Kentucky’s automotive sector is growing as Summit Polymers Inc., a designer and manufacturer of automotive interior components, moved forward with plans to construct a $37.5 million manufacturing facility in Anderson County, creating 218 full-time jobs.
The new 140,000-square-foot facility on approximately 40 acres along the U.S. Route 127 Bypass in Lawrenceburg will conduct plastic injection molding, paint applications and assembly operations. The new location will support the company’s business with automotive manufacturers in Kentucky and neighboring states, with potential for future expansion. Work on the project will begin in the coming weeks, with completion scheduled for June 2023. SPI currently operates two facilities in Kentucky, with its Mt. Sterling and Elizabethtown locations in operation for more than 30 years.
“Our roots in Kentucky run deep. This new Lawrenceburg facility reinforces our commitment to the longstanding partnerships we’ve shared,” said Scott McAllister, SPI’s director of new business development and material systems. “The Commonwealth of Kentucky, Anderson County and City of Lawrenceburg have been exceptional in their support for this new project, and we are thankful for this opportunity to conduct business in Lawrenceburg.”
SPI is a family-owned, tier-one automotive supplier and woman-owned business based in Portage, Michigan. The company has been in business for more than 50 years, beginning as a small operation with four machines in founder Jim Haas’ garage. In the decades since SPI has grown into a global automotive supplier with over 3,000 employees and 15 locations worldwide that design and manufactures decorated and assembled automotive interior components.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) today preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $2.8 million in tax incentives based on the company’s investment of $37.5 million and annual targets of:
- Creation and maintenance of 218 Kentucky-resident, full-time jobs across 10 years; and
- Paying an average hourly wage of $23.50 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, SPI 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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