Japanese-owned automotive supplier to add 6 jobs and invest $7 million
FRANKFORT, Ky. (July 8, 2013) – Riken Elastomers Corp. plans to expand operations in Hopkinsville, adding six jobs and investing $7 million in the project. The Japanese-owned company is a manufacturer of custom plastic compounds for the automotive industry.
“This is an exciting expansion for Riken and Hopkinsville,” said Gov. Steve Beshear. “Riken puts great effort in being an outstanding corporate citizen, a key contributor of foreign direct investment and a valuable part of the supply chain within Kentucky’s expanding automotive industry.”
Both the automotive industry and Japanese foreign direct investment play vital roles in Kentucky’s economy. The state’s automotive industry employs nearly 80,000 people at more than 450 motor vehicle-related facilities, and there are more than 150 Japanese-owned companies in Kentucky, employing more than 37,000 people.
Riken began manufacturing operations on Riken Court in Hopkinsville in 2007. The addition of six new jobs will bring the current workforce to 24 employees. To add room for three new production lines, the company plans to build a 20,000-square-foot addition to its current facility.
“We are pleased to announce the first expansion of Riken Elastomers Corporation,” said Riken President Gary Kajiyama. “We appreciate the support the city of Hopkinsville and the Commonwealth of Kentucky have given us over the last seven years.”
The Kentucky Economic Development Finance Authority approved Riken for tax benefits up to $50,000 through the Kentucky Enterprise Initiative Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
For more information on Riken, visit www.rec-ky.com.