FRANKFORT, Ky. (June 16, 2014) – Toyo Automotive Parts (USA) Inc. plans to expand and modernize its facility in Simpson County, company and state officials announced today. The manufacturer of anti-vibration auto parts, will invest $6 million and create up to 10 new jobs.
“We are excited to see Toyo Automotive grow in Kentucky with the creation of new jobs and an investment of more than $6 million in Franklin, adding to the company’s footprint in the commonwealth,” said Gov. Steve Beshear. “Our automotive industry continues to stand out as one of the best in the nation, and we owe a lot of that success to quality suppliers such as Toyo Automotive.”
Toyo Automotive plans to purchase new rubber mixing equipment, which will allow the company to internalize some processes it currently outsources. Other planned investments will modernize and expand the 165,000-s.f. facility in the Sanders Interstate Industrial Park in Franklin.
“We are pleased to bring this rubber mixing process into our facility,” said Ron Wyans, Toyo’s plant manager. “This expansion of our processes and improvements in others will certainly improve our competitive position and will lead to new business for us here in Franklin. That opportunity will help us secure our future for many years to come.”
Toyo Automotive started in Japan in 1945 and has produced anti-vibration auto parts in Kentucky since 2002. The company is a primary provider for manufacturers such as Toyota and Nissan. Toyo Automotive also exports parts around the world.
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives of up to $150,000 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.
“Since locating in Franklin in 2001, Toyo has been a great corporate partner,” said Simpson County Judge-Executive Jim Henderson. “This latest expansion solidifies their investment in our community. To me, the best type of economic development and the best compliment to a community is when an existing industry decides to hire additional people and invest more money in their facility.”
Last year, nearly 35 percent of new investment and nearly 30 percent of new jobs came from motor vehicle-related projects. Kentucky’s nearly 460 motor vehicle-related establishments employ nearly 82,000 people.
For more information on Toyo Automotive, visit toyotires.com.
Add Comment