Hayashi Telempu to invest more than $10.7 million in Kentucky
FRANKFORT Ky. (March 26, 2013) – Hayashi Telempu North America Corp., a wholly-owned subsidiary of Hayashi Telempu Corp., based in Japan, plans to establish manufacturing operations in Frankfort. The project will create 103 jobs and represents an investment of more than $10.7 million in Kentucky.
The company’s decision stems from recent economic development trips Gov. Steve Beshear made to Japan, including a visit in May 2012.
“Hayashi Telempu is a global company that constantly works to improve itself and the products it creates,” Beshear said. “This is exactly the type of drive and determination we admire here in the commonwealth, and we’re proud to have Hayashi Telempu as a valuable addition to our thriving automotive industry, adding more than 100 new, full-time jobs and a $10.7 million investment right here in Kentucky.”
Hayashi Telempu manufactures automotive interior parts, exterior parts, after-market parts and optical products. The company will occupy a 60,000-s.f. facility on Fortune Drive in Frankfort. Established in 1947 in Japan, the company has grown to include more than 3,000 employees in offices and plants all over the world, including a location in Lexington, Ky.
[pullquote_left]Kentucky is home to nearly 450 motor vehicle-related facilities, employing nearly 80,000 people. Japanese-owned companies operate more than 150 facilities in Kentucky and provide more than 37,000 full-time jobs.[/pullquote_left]
“We are excited about opening our newest North American facility in the Frankfort location,” said Norio Takami, president and CEO of Hayashi Telempu North America Corp. “This new location will enable us to improve our ability to serve our customers more effectively, as we produce our new light-weight products with state-of-the-art equipment and leading-edge technology there. Operations will start in September 2014.”
The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $1.3 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.
Kentucky is home to nearly 450 motor vehicle-related facilities, employing nearly 80,000 people. The automotive industry led a record-setting year of exports in Kentucky for 2012, with $4.4 billion in export sales for motor vehicles and parts produced in the commonwealth.
Kentucky’s foreign direct investment also continues to grow, with approximately 420 internationally based companies from 30 nations, employing more than 80,000 people in the commonwealth. Japanese-owned companies operate more than 150 facilities in Kentucky and provide more than 37,000 full-time jobs.
“We believe you will find Franklin County a partner who shares your vision of future success in this venture, is supportive of local business, and one that will help to provide the most effective resources for you to thrive in our community,” said Franklin County Judge-Executive Ted Collins. “People are a company’s greatest asset, and we know you will find the people of this area, who will fill the 103 jobs you propose to create here, a great resource.”
For more information on Hayashi Telempu, visit www.hayatele.co.jp/english.