FRANKLIN, Ky. (May 16, 2012) –Franklin Precision Industry Inc. (FPI) plans to expand operations in Franklin, adding 113 new full-time jobs and investing more than $50.5 million for construction and equipment purchases in the state.
“We’re excited to see Franklin Precision Industry expand, succeed, and prosper here in the Commonwealth,” Gov. SteveBeshear said Thursday. “It’s no coincidence that FPI has kept Franklin as its home for nearly a quarter of a century, showing why Kentucky’s vibrant workforce and ideal location are so successful for the automotive-related industry.”
Kentucky is home to more than 440 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 United States.
Lt. Gov. Jerry Abramson joined local and company officials to celebrate the expansion for Franklin Precision Industry.
“This is an outstanding day for Franklin, and it’s a result of the daily hard work of the people who comprise Franklin Precision Industry,” Abramson said. “FPI uses the Japanese philosophy of kaizen, or continuous improvement, as an aspect of daily operations, and that dedication is evident in the success we see here today and should inspire us for a promising future in Franklin and Kentucky.”
FPI was established in Franklin in 1989. The company is an automotive manufacturer supplying critical parts to the automotive industry. The planned expansion includes the purchase of equipment and construction of additional buildings for production, warehousing, and manufacturing operations at FPI’s current location on Bowling Green Road in Franklin. The plant currently employs 471 people.
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved Franklin Precision Industry for tax incentives up to $2.65 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.
KEDFA also approved Franklin Precision Industry for tax benefits up to $360,000 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.
For more information on Franklin Precision Industry visit www.fpik.com.