FRANKFORT, Ky. (June 4, 2012) — T.RAD North America Inc. plans to invest $10.8 million in production upgrades for its Hopkinsville operations, which consists of two plants, the aluminum division and copper/brass division. The investment will allow the company to retain its existing workforce of 410 people.
“T.RAD North America is a valuable asset to the Hopkinsville area, and we’re proud to be part of the growth and success we’re seeing today,” Gov. Steve Beshear said. “This is a perfect example of one of the key goals of my administration, which is to partner with Kentucky businesses to help keep them competitive and prosperous right here in the Commonwealth.”
The proposed project includes the purchase of new equipment to increase production capacity and meet the demand for lighter weight aluminum products. The expansion will also place all administrative staff from both the copper/brass and aluminum divisions in one location.
Lt. Gov. Jerry Abramson joined local and company officials for the announcement on the growth of T.RAD North America.
“This is a day when we can celebrate a real win-win situation,” Abramson said. “T.RAD North America’s investment is a statement of its commitment to Hopkinsville and a testament to the qualities of the area, including a close proximity to customers, easy access to shipping ports, low energy costs and an available workforce skilled in automotive manufacturing.”
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.
“Since 1988, when Toyo Radiator, now T.RAD Japan, decided to locate in Hopkinsville we have experienced great cooperation from the Commonwealth of Kentucky and the local community in growing our company, beginning with 50 employees to our current 410,” said Hiromi Kanoh, president of T.RAD Japan. “We are excited about our future and believe the Hopkinsville community will continue to provide us with an excellent workforce and good relationships with the both state and local governments.”
Just last month, Gov. Beshear made an economic development trip to Japan to promote economic development growth of Kentucky-based Japanese companies. Japanese-owned companies already operate more than 150 facilities in Kentucky and provide more than 34,000 full-time jobs. Additionally, Kentucky has the country’s second-highest Japanese foreign direct investment on a per capita basis.
“This is an exciting announcement for Hopkinsville and the surrounding region,” said Sen. Joey Pendleton of Hopkinsville. “T.RAD North America continues to enhance our position as the prime location for innovative businesses to plant themselves, grow roots and be cultivated into the fertile soil we are developing to be the regional leader in excellence in our new economy. This multi-million dollar investment shows the company’s commitment to our community and speaks highly of our workforce.”
The Kentucky Economic Development Finance Authority preliminarily approved T.RAD North America for tax incentives up to $2 million through the Kentucky Reinvestment Act (KRA). KRA is designed to assist companies that need to make significant capital investment in Kentucky facilities in order to remain competitive.