Facility opened in 1959
FRANKFORT, Ky. (April 21, 2016) — A Raymond Tinnerman Automotive Inc., a supplier of clip fasteners and other automotive-industry products, will create 10 jobs with an investment of more than $332,000 at its Flemingsburg facility.
“A Raymond Tinnerman’s investment in a new product line represents the kind of success companies find when they’re forward-thinking, innovative and ready to act,” said Matt Gov. Bevin. “This proactive approach translates into more and better jobs, economic stability for local communities and continuing vibrancy in Kentucky’s manufacturing sector.”
Thanks to recently signed contracts to supply global products, A Raymond Tinnerman will purchase equipment including two new 55-ton molding machines for its new line to produce a variety of plastic clips and assemblies for the automotive industry. Company executives expect the line to start operating by July and to increase annual revenue by approximately $1.5 million.
The Flemingsburg facility, originally owned by Textron, opened in 1959. Tinnerman Palnut Engineered Products purchased it in 2005, prior to joining A Raymond North America. Currently, the company employs 103 people at the facility.
“We are proud to be a part of Kentucky,” said Bill Breeze, plant manager. “The commitment of Gov. Bevin and his economic development staff to continue to grow the manufacturing sector of Kentucky will create more jobs and improve the economy. This continued support assists A Raymond Tinnerman to continue to grow, which in turn creates more jobs and adds to the stability of this facility for the future.”
To encourage the investment and job growth in the Fleming County, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $200,000 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, A Raymond Tinnerman can 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.