Customer demand sparks expansion, investment of $5.9 million
FRANKFORT, Ky. (May 7, 2012) – New Mather Metals Inc. plans to add a new production line to its existing operation in Franklin, creating 20 additional jobs and making a $5.9 million investment.
“New Mather Metals is on the way to realizing its goal of becoming the number one stabilizer manufacturer in the nation,” Gov. Steve Beshear said. “We’re very proud of our automotive industry here in the Commonwealth, and New Mather Metals offers a shining example of the successful synergy that exists between automakers, suppliers and the prime location Kentucky offers.”
Kentucky is home to 446 automotive-related industries that employ more than 68,000 people. Additionally, Kentucky ranks third highest in auto industry-related employment as a percent of total state employment among the top motor vehicle producing states in the U.S.
New Mather Metals has been operational in Franklin since 2002, and produces solid and tubular stabilizer bars for use in the automotive and off-road industry. The company, which currently employs 300 people at its Simpson County plant, has experienced a recent increase in customer demand.
“We are very excited to have a solid customer base and strong sales allowing us to expand in this economy,” said Hidefumi Yoshimua, president and COO of New Mather Metals and NASCO. “We are committed to Franklin, Simpson County and the surrounding communities from which we garner our workforce. We appreciate all of the support we have received from the community and look forward to continuing a long-standing, positive relationship.”
The Kentucky Economic Development Finance Authority 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.
For more information on New Mather Metals, visit www.newmathermetals.com.