KY: Thai Summit America to Invest $110M, Create 216 Jobs in Bardstown
1 Apr, 2016
Thai Summit America Corp., which supplies stamped and welded parts to automakers, plans to build a $110 million facility in Bardstown – its first in Kentucky – creating 216 full-time positions, Governor Matt Bevin announced.
“With a reputation for quality products earned across three decades in the U.S., Thai Summit makes a welcome addition to both Kentucky’s automotive industry and the Nelson County economy,” Gov. Bevin said. “Kentucky’s auto industry directly employs nearly 90,000 people and constitutes a major part of our economy. The addition of Thai Summit speaks to our continuing momentum and the benefits of location and existing customer base that Kentucky offers. We look forward to a long-lasting and beneficial relationship.”
Thai Summit executives plan to begin construction in May on a 220,000 square-foot facility in the Nelson County Industrial Park. On completion of first-phase construction at the end of 2016, the factory will begin delivering stamped and welded aluminum assemblies to the Ford Kentucky Truck Plant in Louisville. The company’s investment also covers the cost of presses and other equipment.
“We look forward to establishing Thai Summit’s first Kentucky facility and supplying our customer, Ford Motor Co., with the quality products that it has come to expect and rely upon from us,” said Chumpol Rangson, president and CEO of Thai Summit America Corp. “Our new location will also help us take advantage of other business opportunities in Kentucky’s automotive manufacturing industry.”
Established in 1985 in Howell, Mich., Thai Summit America Corp. – a Thai Summit Group company – also supplies other Ford facilities, Chrysler and other automotive manufacturers. It offers remote laser welding, 3-D white light measurement and high-strength steel capabilities. Thai Summit currently operates facilities in North America and Asia.
Sen. Jimmy Higdon, of Lebanon, said he expects Thai Summit to make a positive impact.
“This move by a national business into Nelson County will further energize our regional economy,” Sen. Higdon said. “I welcome the news and thank Thai Summit America Corporation for its investment in our state and its automotive industry.”
Rep. David Floyd, of Bardstown, noted bringing companies such as Thai Summit to Kentucky will build on the state’s reputation as a state with access to key markets and a pro-business climate.
“I am thrilled that Thai Summit has chosen Nelson County as the site of this substantial investment in Kentucky’s auto industry. The new facility will be a source of many good jobs, and will also bring other substantial economic development as the project is built,” Rep. Floyd said. “Kentucky must continue to solidify our reputation as a good place to do business, and programs like the Kentucky Business Incentive (KBI) have proven successful tools in our economic development toolbox.”
Bardstown Mayor John Royalty said Thai Summit will make a great fit in the growing community.
“Bardstown is honored that Thai Summit selected us for their new U.S. manufacturing facility. Their investment in our community will help create new jobs and add to our ever-growing economy,” Royalty said.
Nelson County Judge-Executive Dean Watts noted Thai Summit’s investment in Nelson County ranks as the largest in some time.
“We are pleased to have Thai Summit join our Nelson County community. Thai Summit represents one of the largest investments made in Nelson County in many years,” Watts said.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $5 million 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.
Additionally, KEDFA approved Thai Summit for up to $1 million in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
Thai Summit also is eligible to 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.
Governor Bevin, Thai Summit America Corp. and local community officials plan to hold a ribbon cutting celebration in May.
For more information on Thai Summit, visit www.ThaiSummit.us.
A detailed community profile for Bardstown (Nelson County) can be viewed here.
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 or follow on Twitter. Watch the Cabinet’s “This is My Kentucky” video on YouTube.