BARDSTOWN, Ky. — Thai Summit Kentucky Corp. (TSK), a leading sheet metal stamping company, will expand its Nelson County presence with a $131 million investment creating 78 new full-time jobs in the area.
Kentucky continues to play a vital role in the national effort to clean up transportation-related emissions. To further add to this effort, TSK will expand its current manufacturing footprint in Bardstown from 200,000 square feet to over 520,000 square feet. The expansion includes the construction of a new building and new equipment acquisitions.
“Thai Summit Kentucky Corp. and its parent company, Thai Summit Group from Thailand, are committed to being an engine of growth in Kentucky as the Bluegrass State is becoming the crucial hub for North American EV production,” said Kanishka Ghosh, executive manager of administration, treasurer and secretary at TSK. “We will be more than doubling our current manufacturing footprint from 200,000 square feet to over 520,000 square feet by the third quarter of 2024 in Bardstown, which will generate additional auto employment and contribute to significant economic growth in the community.”
Thai Summit America Corp. has led the sheet metal stamping industry for 36 years. The company’s facilities in Kentucky and Michigan provide its customers with world-class engineering, stamping and assembly capabilities, as well as tool and die design, construction, modification and refurbishment.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) today preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $1.5 million in tax incentives based on the company’s investment of over $131 million and annual targets of:
- Creation and maintenance of 78 Kentucky-resident, full-time jobs across 10 years; and
- Paying an average hourly wage of $39.60, including benefits across those jobs.
Additionally, KEDFA approved TSK for up to $500,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, TSK can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
