Japan-based automotive supplier company to invest $19.5 million
FRANKFORT, Ky. (Aug. 19, 2013) – Mitsui Kinzoku Catalysts America Inc., a subsidiary of Mitsui Mining & Smelting Co. Ltd., plans to establish a manufacturing operation in Frankfort. The company anticipates creating 50 new, full-time jobs and investing $19.5 million in the commonwealth.
“We welcome Mitsui Kinzoku to Kentucky and embrace Mitsui Kinzoku’s dedication to innovation and responsibility,” said Gov. Beshear. “This is a company that makes it a policy to preserve the environment, conserve energy and develop next generation products.”
To meet demand in the United States, Mitsui Kinzoku plans to lease an existing building on Hoover Boulevard in Frankfort to manufacture catalytic converters for automobiles and motorcycles. The company hopes to begin operations by July 2015.
Kentucky maintains economic development offices in Hamburg, Germany and Tokyo, Japan, which work to cultivate new and existing relationships with foreign companies such as Mitsui Kinzoku. There are more than 150 Japanese-owned companies in Kentucky, employing more than 37,000 people. Mitsui Kinzoku will also add to Kentucky’s automotive industry, which employs nearly 80,000 people at more than 450 motor vehicle-related facilities.
The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $500,000 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.
“Mitsui Kinzoku’s decision to locate and do business in Frankfort is a most welcome addition to our area,” said Frankfort Mayor William May. “It further proves that Frankfort can provide the skilled workforce new companies are seeking for their operations. The jobs Mitsui Kinzoku will provide are a very welcome benefit, and we extend our special thanks to the company for choosing Frankfort. We look forward to long term success in our community and wish the administration and team members our heartfelt best wishes.”
For more information on Mitsui Kinzoku, visit www.mitsui-kinzoku.co.jp/en/.