KY: Japanese-owned Auto Supplier to Invest $10.7+M in Frankfort, Hiring 103
27 Mar, 2013
Governor Steve Beshear announced Hayashi Telempu North America Corporation, a wholly-owned subsidiary of Hayashi Telempu Corporation, based in Japan, plans to establish manufacturing operations in Frankfort. The project will create 103 jobs and represents an investment of more than $10.7 million in the Commonwealth.
The company’s decision stems from recent economic development trips Gov. Beshear made to Japan, including a visit in May 2012.
“Hayashi Telempu is a global company that constantly works to improve itself and the products it creates,” said Gov. Beshear. “This is exactly the type of drive and determination we admire here in the Commonwealth, and we’re proud to have Hayashi Telempu as a valuable addition to our thriving automotive industry, adding more than 100 new, full-time jobs and a $10.7 million investment right here in Kentucky.”
Hayashi Telempu manufactures automotive interior parts and will occupy a 60,000-square-foot facility on Fortune Drive in Frankfort. Established in 1947 in Japan, the company has grown to include more than 3,000 employees in offices and plants all over the world, including a location in Lexington, Ky.
“We are excited about opening our newest North American facility in the Frankfort location,” said Norio Takami, president and CEO of Hayashi Telempu North America Corp. “This new location will enable us to improve our ability to serve our customers more effectively, as we produce our new light-weight products with state-of-the-art equipment and leading-edge technology there. Operations will start in September 2014.”
To encourage the investment and job creation in Frankfort, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $1.3 million through the Kentucky Business Investment program. 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.
Kentucky is home to nearly 450 motor vehicle-related facilities, employing nearly 80,000 people. The automotive industry led a record-setting year of exports in Kentucky for 2012, with $4.4 billion in export sales for motor vehicles and parts produced in the Commonwealth.
Kentucky’s foreign direct investment also continues to grow, with approximately 420 internationally based companies from 30 nations, employing more than 80,000 people in the Commonwealth. Japanese-owned companies operate more than 150 facilities in Kentucky and provide more than 37,000 full-time jobs.
“I am pleased to welcome Hayashi Telempu’s manufacturing operation to Frankfort,” said Sen. Julian M. Carroll, of Frankfort. “This company’s investment will allow our community to reap the rewards of more than 100 new jobs, as well as growth and development. Hayashi Telempu’s decision to locate this operation in Frankfort speaks well of our workforce. I applaud Gov. Beshear for taking the lead to support this industry, their employees and their families.”
“This is great news and further illustrates just how much potential Kentucky has when it comes to growth from foreign investment,” said Rep. Carl Rollins, of Midway. “I want to thank the company for choosing to locate here, and I appreciate the work Gov. Beshear, the Cabinet for Economic Development, and our local officials have done to make our community such an attractive place for jobs like this. This also speaks highly of our workforce, which is truly second-to-none.”
“I am very pleased that Hayashi Telempu North America has chosen Frankfort as the site of its manufacturing operations,” said Frankfort Mayor Bill May. “The creation of 103 new jobs is very good news for our community. We extend our thanks to Gov. Beshear and his administration for their economic development efforts with Japan. Frankfort welcomes Hayashi Telempu North America to its new home.”
“As Franklin County judge-executive, I extend a warm welcome to Hayashi Telempu North American Corporation on behalf of our county and the region, and thank Gov. Beshear for his efforts, which have helped make your presence here a reality,” said Franklin County Judge-Executive Ted Collins. “We believe you will find Franklin County a partner who shares your vision of future success in this venture, is supportive of local business, and one that will help to provide the most effective resources for you to thrive in our community. People are a company’s greatest asset, and we know you will find the people of this area, who will fill the 103 jobs you propose to create here, a great resource. Franklin County thanks you for making this the choice for your new site, and we wish you and your business much success.”
For more information on Hayashi Telempu, visit www.hayatele.co.jp/english.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky.
A detailed community profile for Frankfort (Franklin County) can be viewed at http://www.thinkkentucky.com/EDIS/cmnty/index.aspx?cw=085.