Supplies parent company with stamped and welded components
FRANKFORT, Ky. (Feb. 4, 2016) — TMM USA Inc., a subsidiary of Toyo Tire & Rubber Co. Ltd., will invest $5.6 million in its Simpson County facility, creating 42 jobs, Gov. Matt Bevin announced today. TMM USA will supply its parent company with stamped and welded components.
TMM will lease 45,000-s.f. in the newly expanded Toyo Automotive Parts USA Inc. factory in Franklin, an arrangement expected to save time and expense.
“Kentucky’s signature auto manufacturing industry is a major driver of our state economy,” said Bevin. “The addition of TMM USA improves operations at Toyo Automotive Parts and further solidifies Kentucky’s standing as a prime destination for the nation’s automotive industry. It is a testament to the quality of Simpson County’s workforce and further indication that Kentucky is open for business.”
At its Franklin facility, Toyo Automotive Parts makes anti-vibration components including engine mounts, bushings and strut mounts. Company executives expect to save on metal and raw materials, as well as on shipping and storage by locating TMM in house. Currently, Toyo purchases more than 50 percent of those materials from outside suppliers.
“Toyo Automotive Parts USA is pleased that we can bring TMM to Franklin to support both our operations and the local community,” said Ron Wyans, president of Toyo Automotive Parts. “The addition of TMM inside our facility will surely help improve our operations and create more opportunities in the future.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $360,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
In addition, TMM USA is eligible to receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies are eligible to receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. Last year, the Kentucky Skills Network trained more than 84,000 employees from more than 5,600 Kentucky companies.