FRANKFORT,Ky. — The Kentucky Economic Development Finance Authority (KEDFA) has given preliminary approval for economic incentives to a Franklin Precision Industry in Simpson County that will be part of the state’s electrical vehicle battery manufacturing sector.
Kentucky currently has two major electrical vehicle battery production plants under construction at the BlueOvalSK Battery Park, located in Hardin County and Envision AESC at Kentucky Transpark near Bowling Green.
Franklin Precision Industry Inc. is investing $1.6 million to expand its existing operations, with about $1.5 million going toward equipment.
The company is in the consideration stage for a new product, which would supply an electric vehicle battery production company with components to complete the assembly of an electric vehicle battery. The new product would bring the need for capital investment in equipment and a need for higher skilled labor.
Under the terms of the incentives, Franklin Precision Industry Inc. will avoid $15,000 a year in state and local tax payments, for up to 10 years if it maintains 13 full-time Kentucky resident employees, for a total incentive amount of $150,000. Those jobs will pay an average wage of $35 an hour, including benefits.
Franklin Precision Industry Inc. was established in Franklin, Ky., in April 1989. It is a manufacturer of high quality, precision automotive components for distribution in North America and Asia, according to its website.
