Metal stamping company investing $2.2 million
RICHMOND, Ky. (June 12, 2013) – Gov. Steve Beshear participated Wednesday in a ribbon-cutting ceremony for Thunder Manufacturing USA Inc., which opened its 30,000-s.f. facility in Richmond’s Industrial Park South II. The company is creating 45 new, full-time jobs and investing $2.2 million in the project.
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“Thunder is just beginning to rumble here in the Commonwealth, and that sound is music to our ears, with 45 jobs and a $2.2 million investment,” Beshear said. “We anticipate this partnership will have a lasting impact on Richmond and Kentucky for years to come. This is a wonderful example of how Kentucky can attract top quality companies from outside the United States.”
Thunder Manufacturing began in 1965 as a small tool and die shop and has grown into one of the leading metal stamping companies in Canada. The Richmond plant is the company’s first manufacturing facility outside of Canada. Kentucky is home to 425 internationally based companies that employ more than 80,000 people.
“We are excited to be opening up our first U.S. facility,” said Singh Hansra, Thunder Manufacturing president and CEO. “We are looking forward to growing our presence here in Kentucky and look at this as a long-term partnership with this community.”
Beshear led an international business trade mission trip to Canada earlier this month, joined by nearly two dozen Kentucky companies and several trade partners. With stops in Montreal and Toronto, the first Kentucky Export Initiative (KEI) trade mission sought to increase commerce between Kentucky and Canada.
Kentucky’s business ties to Canada play a major factor in the commonwealth’s economy, with an estimated $11 billion in bilateral trade between Canada and Kentucky. Canada is Kentucky’s number one trade destination, with $7.3 billion in Kentucky products and services exported to Canada in 2012. Overall, Kentucky’s exports to 199 nations in 2012 totaled $22 billion, setting an all-time record.
The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $650,000 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.
“As mayor of the city of Richmond, we are excited that Thunder chose Richmond to expand its stamping business,” said Richmond Mayor Jim Barnes. “We appreciate the job opportunities they are providing for our citizens, and we look forward to a long and successful partnership as they establish and grow their operation here in the United States.”