South Korean automotive supplier invests $6.5 million, adds 20 jobs
FRANKFORT Ky. (Sept. 27, 2013) – INFAC North America Inc. today celebrated the completion of its $6.5 million manufacturing expansion project in Campbellsville. The company will add 20 new, full-time employees to its operation as a result of the growth.
Sending congratulatory remarks from his economic development trip in Europe this week, Gov. Steve Beshear wished the company much success.
“This is an exciting time for INFAC, Campbellsville and all of Kentucky, with the completion of a $6.5 million expansion that is responsible for the creation of 20 new jobs,” said Gov. Beshear. “I extend my sincerest congratulations and wish INFAC continued success for many years to come.”
INFAC was established in 1969 in South Korea and specializes in automotive components, such as mechanical control cables, solenoids, antennas and horns for General Motors, Chrysler, Hyundai and KIA.
In 2008, the company opened its U.S. operation, which currently has 60 employees, in Campbellsville. INFAC outgrew the leased 52,000-square-foot warehouse and distribution center and decided to build a new 100,000-square-foot assembly, manufacturing and warehouse facility. The new building will allow for increased manufacturing of brake and transmission control cables.
“Many thanks to our customers’ great success and the continuous support from the state of Kentucky, Taylor County and Campbellsville,” said INFAC Chairman and Chief Operating Officer Ohe Gil Choi. “One of the key factors for us to grow rapidly was our INFAC North America team members. We have received a ‘0 PPM Award’ from Hyundai Motors for achieving zero defects for one full year. While delivering more than 9 million parts, the INFAC North America team didn’t allow a single defect to escape our facility. INFAC North America also played a big role in winning ‘GM Supplier of the Year’ three years in a row. These achievements would have been impossible if we didn’t have dedicated, and diligent team members.”
Foreign direct investment and the automotive industry are both very important to Kentucky’s economy. The commonwealth is home to more than 400 foreign-owned companies from 30 nations, employing nearly 80,000 people. Kentucky has approximately 450 motor vehicle-related manufacturing establishments, accounting for more than 80,000 jobs in the commonwealth.
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $400,000 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.
KEDFA also approved INFAC for tax benefits up to $300,000 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.
“We congratulate INFAC on its latest expansion in Taylor County,” said Eddie Rogers, Taylor County Judge-Executive. “Their decision to retain and create new jobs and capital investment in our community will produce a positive economic impact for years to come.”
For more information on INFAC, visit www.infac.com.