Green Tokai to create 24 new jobs
FRANKFORT, Ky. (Aug. 13, 2014) — More jobs are coming to northeastern Kentucky. Gov. Steve Beshear today announced Green Tokai Co. will expand its operations in Mason County.
Green Tokai, which supplies rubber, plastic and injection-molded parts for the automotive industry, plans to grow its weather stripping and auto trim facility. The expansion will create 24 additional jobs and the company will invest $4.4 million into the project.
Green Tokai manufactures rubber extruded, plastic extruded and injection-molded parts in its 160,000-square-foot facility on Downing Drive. The 15,000-square-foot expansion will allow the company to purchase new equipment and develop new processes. Construction on the new addition is expected to begin this month and be completed by December.
Green Tokai is headquartered in Ohio. The Maysville plant opened in 1996.
Kentucky’s nearly 460 motor vehicle-related establishments employ more than 82,000 people. The commonwealth ranks third in the nation in overall light vehicle production and first on a per capita basis.
To encourage the investment and job growth in Mason County, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $500,000 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 Green Tokai for tax benefits up to $30,000 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.