$12.5 million investment stems from governor’s economic development trip to Germany
MURRAY, Ky. (Nov. 30, 2012) – Gov. Steve Beshear today joined company and local officials to announce iwis, a German automotive supplier, plans to establish its first U.S. manufacturing operation in Murray. The project will create 75 new, full-time jobs and entail a more than $12.5 million investment in the commonwealth.
Beshear met with officials from iwis (pronounced ee-vis and written in lower case) to discuss the potential project during an economic development trip to Germany during the summer.
“I was very optimistic after meeting with iwis officials in Germany, and I’m thrilled with their decision to locate in Kentucky,” Beshear said. “This company further enhances Kentucky’s thriving automotive industry, and 75 jobs will have a powerful impact on the community, not only now, but for generations to come.”
Formed in Germany in 1916, iwis, a family-owned company, first began with success in the production of bicycle chains, and eventually became the iwis Group, a global technology leader in high-quality automotive and industrial chains. The company now has more than 1,000 employees at 22 facilities worldwide and plans to operate a 119,000-s.f. facility, located off U.S. Highway 641 North in Murray. Employees at the facility will manufacture timing drive systems for engines, and the operation will start at the end of 2013 and will ramp up production in 2014.
“iwis is proud to come to Murray,” said Johannes Winklhofer, iwis managing director. “On behalf of my team, including Martin Kohn with global production and Holger Frank with U.S. sales, we have to say thank you for the great support of Gov. Beshear and his team at the Kentucky Cabinet for Economic Development; without them iwis would not be here. Also, special thanks to Mark Manning and the members of MCEDC, whose support made this a very easy decision.”
The company is Kentucky’s most recent addition to an already dynamic and vibrant automotive industry, comprised of more than 440 motor-vehicle related establishments. Those facilities, which include four major auto assembly plants, employ nearly 72,000 people across Kentucky.
The location of iwis also adds to Kentucky’s success in attracting foreign direct investment to the state. Kentucky is home to more than 420 internationally based companies, including over 180 from Europe. In 2011, nearly 23 percent of all new jobs and more than 30 percent of all capital investment announced in the state was a result of foreign direct investment.
“Both as Mayor of Murray and a member of the MCEDC Board of Directors, I am delighted to see iwis bring its first U.S. manufacturing facility to Murray,” said Murray Mayor Bill Wells. “The EDC, along with the Cabinet for Economic Development, has been working on this project for over nine months, and it is terrific to see all of that effort pay off. iwis is a fine example of a family-owned business, and we look forward to iwis being here for many years, growing the company and providing good jobs.”
The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $2.5 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.
For more information on iwis, visit www.iwis.com.