Japanese-owned spring manufacturer adding 50 jobs, investing more than $19 million
LOUISVILLE Ky. (Sept. 10, 2013) – Lt. Gov. Jerry Abramson on Tuesday joined local and company officials at a ribbon-cutting in Louisville to commemorate the expansion of NHK Spring Precision of America Inc. (NSPA). The expansion represents 50 new, full-time jobs and an investment of more than $19 million in the commonwealth.
Gov. Steve Beshear applauded the expansion for NSPA, and said the company is a vital component of Kentucky’s thriving automotive industry. “Kentucky’s reputation as an automotive powerhouse continues to grow, and companies such as NSPA only add to that prestige,” Beshear said. “We are excited to see this growth here in the commonwealth, and we know 50 new jobs and a $19 million investment will further strengthen our economic growth.”
NSPA’s expansion is yet another success for Kentucky’s thriving auto industry, which includes more than 450 motor vehicle-related facilities with over 80,000 employees. Kentucky is also home to 155 facilities with Japanese ownership.
“NSPA is really getting comfortable here in Louisville, with the great workforce, perfect location and wonderful people, we can understand why this has been such a successful fit,” Abramson said. “We’re proud the commonwealth has been able to partner with NSPA for this expansion, and we wish them continued success in the future.”
NSPA is a subsidiary of Japanese-owned NHK Spring Co. Ltd., the largest spring manufacturer in the world. The company manufactures springs for automobiles, industrial machinery, and hard disk drives.
Located in Louisville since 2005, NSPA currently employs more than 120 full-time employees. This number includes part of the workforce for the new expansion. The company has built a new, 57,000-s.f. facility, which expands operations for the existing 93,000-s.f plant. The expansion will provide major automotive manufacturers with goods and services worldwide.
“We are ecstatic to be part of the economic growth of this wonderful commonwealth,” said Tomoyuki Chino, president and COO of NHK Spring Precision of America. “We are extremely grateful to be given this opportunity by both the city of Louisville and the Commonwealth of Kentucky. We look forward to the further growth of our business in this newly expanded facility.”
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $1 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.
KEDFA also approved NSPA for tax benefits up to $100,000 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.