Funai Electric will employ up to 50 people, pay an average of $100,000 per year
FRANKFORT, Ky. (Jan. 30, 2014) –Funai Electric Co. Ltd. plans to open Funai Lexington Technology Corp. in Fayette County. The technology company will be a subsidiary of the multi-billion dollar global electronics company, which is headquartered in Japan and will employ up to 50 people with an average wage of $100,000 per year.
“This is a prime example of an innovative company teaming up with an innovative and high-tech workforce,” said Gov. Steve Beshear. “Kentucky’s reputation for employing educated and skilled workers is gaining the attention of companies around the world. We are very excited to welcome Funai to the commonwealth, and we look forward to seeing Funai Lexington Technology Corp. grow into a global leader.”
Funai Lexington Technology Corp. will support research and development in the inkjet and microfluidic technologies. Microfluidics is the use of engineering, science and technology to design systems in which small volumes of fluids will be handled.
The corporation, which will be located on the Lexmark campus in Lexington, represents a $4.2 million investment in the commonwealth. Central Kentucky’s skilled workforce and training programs will enable Funai to carry on a tradition of innovation in the region.
“Funai Lexington Technology Corp. is a critical development resource for the Funai Electric Company Limited,” said Kiyoshi Chinzei, officer and general manager of the Office Solution Business Unit of Funai Electric Company Limited. “This new company will continue research and development in the inkjet and microfluidic technologies. We expect this company will lead great success for us to be one of global leaders in the new business opportunities. We are pleased with the technology resources available in Lexington and the support of the Commonwealth of Kentucky.”
In April 2013, Funai announced the acquisition of Lexmark’s inkjet technology assets, more than 1,000 patents and a manufacturing facility in the Philippines. Funai has been a design and contract manufacturer for Lexmark International since 1997.
The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $1.2 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.
“Lexington is excited to welcome Funai Lexington Technology Corp. to our technology community,” said Bob Quick, president and CEO of Commerce Lexington Inc. “Lexington was recently ranked in the top 25 high-tech hotspots in America, and Funai’s decision to locate in our city is a testament to our educated workforce, low cost of doing business and innovative spirit.”
For more information on Funai, visit www.funai.jp/en/.
Funai is one of many high tech companies moving to Lexington. Lexington recently was ranked one of the 25 high-tech hotspots in the U.S. and Lexington is ranked 10th nationally for the number of high-tech start-ups.
“Lexington was recently named one of the 10 smartest cities in the country so it’s clear our quality of life and highly educated workforce attract high tech companies,” said Mayor Jim Gray.