Will invest $62 million in project
FRANKFORT, Ky. (March 31, 2016) — Toyotetsu America Inc. plans to invest $62 million into an expansion in Somerset that will create 100 jobs. The company, a leading producer of automotive parts in the U.S. and Canada, said it wants to purchase high-tech equipment and add additional manufacturing space to stay competitive in the automotive industry.
The Kentucky Economic Development Finance Authority today approved preliminary tax incentives of $2 million for Toyotetsu.
“The company will be required to maintain a base employment equal to the number of full-time Kentucky resident employees as of the date of preliminary approval,” states the finance authority. “The company reported 840 full-time Kentucky resident employees as of the application date. The company will be required to maintain 90 percent of the total statewide full-time Kentucky resident employees as all company locations, excluding the site of the project, as of the date of preliminary approval.”