Crain News Service report
FRANKFORT, Ky. (June 23, 2014) — Toyo Automotive Parts (USA) Inc. will expand and modernize its facility in Franklin, Ky.
The manufacturer of anti-vibration auto parts will invest $6 million and create up to 10 new jobs. The upgrade will include adding rubber mixing to the plant, said Ron Wyans, plant manager.
“This expansion of our processes and improvements in others will certainly improve our competitive position and will lead to new business for us here in Franklin,” he said. “That opportunity will help us secure our future for many years to come.”
Toyo Automotive plans to purchase new rubber mixing equipment, which will allow the company to handle some processes it currently outsources, according to a statement from Kentucky Gov. Steve Beshear’s office. Other planned investments will expand the 165,000-sq.-ft. facility in the Sanders Interstate Industrial Park in Franklin.
Toyo Automotive started in Japan in 1945 and has produced anti-vibration auto parts in Kentucky since 2002. The company is a primary provider for car makers such as Toyota and Nissan. Toyo Automotive also exports parts globally.
Toyo will receive tax incentives of up to $150,000 through the Kentucky Business Investment program, approved by the Kentucky Economic Development Finance Authority. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
This report appeared on the website of Rubber & Plastics News, an Akron-based sister publication of Tire Business.
What is the best business practice?
|Treating your customers fairly.||
67% (36 votes)
|Offering the lowest price possible.||
2% (1 votes)
|Doing the job well, as quickly as possible.||
22% (12 votes)
|Staying ahead of technology.||
4% (2 votes)
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6% (3 votes)
|Total votes: 54|