Projects could create 43 new jobs
FRANKFORT, Ky. (July 26, 2012) — Three companies considering Louisville for expansions or new locations were preliminarily approved for economic development incentives at this morning’s meeting of the Kentucky Economic Development Finance Authority (KEDFA). The projects could create 43 new jobs, $1.8 million in new annual payroll and $8.6 million in new investment.
“A new company wanting to locate in Louisville, and two Louisville-based companies wanting to expand in place demonstrate their confidence and satisfaction with doing business in our community,” said Mayor Greg Fischer. “These new jobs and investments are further evidence of our city’s high quality of life and great business environment, and would be a further boost to our local economy.”
Compass Manufacturing International
Compass Manufacturing International, LLC (CMI) was formed in the latter part of 2011, and is a plumbing fixture, kitchen cabinet and appliance manufacturing and distribution company, servicing distributors across the country.
CMI plans to expand its current operations and is considering the expansion of the facility that it is currently leasing at 6702 Enterprise Drive in Louisville. Upon purchase and improvement of this facility, CMI will need to add 12 additional full-time Kentucky residents to its warehouse, office and sales staff, as well as, relocate its New York assembly operation to the Louisville location.
If the project moves forward, the company anticipates that within the first two years of operation, it would invest a total of $2.9 million in building and capital equipment. The plans would add 12 jobs with a total payroll of $374,400 by 3Q2014.
CMI was preliminarily approved for up to $150,000 in Kentucky Business Investment (KBI) incentives over a 10-year term.
“These incentives will be an instrumental part in our decision whether or not to make a permanent commitment to stay in this community,” said Mike Wolfe, the company’s president.
River Road Asset Management
River Road Asset Management, LLC, is an institutional investment management firm founded in April 2005. With nearly $7 billion in assets, Louisville, Kentucky-based River Road provides institutional separate account and investment sub-advisory services to a broad range of domestic and international clients. New hires will hold positions in client services, client communications, sales, administrative support, investment research, compliance, and operations.
If the project moves forward, the company anticipates that within the first two years of operation, it would invest a total of $1.6 million in building materials and capital equipment. The plans would add 16 jobs with a total payroll of $981,184 by 3Q2014.
River Road Asset Management, LLC was preliminary approved for up to $300,000 in Kentucky Business Investment (KBI) incentives over a 10-year term.
Yamamoto Fine Blanking Engineering
Yamamoto Fine Blanking Engineering, Inc., located in Louisville, is a tier-two/ tier-three manufacturer in the automotive industry. Its primary business is with pressure plates, which are used for automobile brake systems.
The company also been expanding its manufacturing know how into gears, clutches, flanges, window and seat components. The components are installed on new vehicles made in North America, Europe and South America.
The company only deals with OEM and/or OES components, so quality is a driving force in its daily operation. Due to tremendous growth in the automotive industry, along with localization of automotive components, Yamamoto needs to expand its current operation with additional warehouse space, along with room for up to three production lines.
If Louisville is selected, the company has estimated it will invest $4.1 million in building materials and capital equipment within the first two years of operation. The location would create 15 jobs with a total payroll of $468,000 by 3Q2014.
Yamamoto Fine Blanking Engineering, Inc. was preliminarily approved for up to $200,000 in Kentucky Business Investment (KBI) incentives over a 10-year term.