KY: Toyo Automotive Parts to Invest $6M, Expand in Franklin
17 Jun, 2014
Governor Steve Beshear announced Toyo Automotive Parts (USA) Inc. plans to expand and modernize its facility in Simpson County.
Toyo Automotive, a manufacturer of anti-vibration auto parts, will invest $6 million and create up to 10 new jobs.
“We are excited to see Toyo Automotive grow in Kentucky with the creation of new jobs and an investment of more than $6 million in Franklin, adding to the company’s footprint in the Commonwealth,” said Gov. Beshear. “Our automotive industry continues to stand out as one of the best in the nation, and we owe a lot of that success to quality suppliers such as Toyo Automotive.”
Toyo Automotive plans to purchase new rubber mixing equipment, which will allow the company to internalize some processes it currently outsources. Other planned investments will modernize and expand the 165,000-square-foot facility in the Sanders Interstate Industrial Park in Franklin.
“We are pleased to bring this rubber mixing process into our facility,” said Ron Wyans, Toyo’s 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. That opportunity will help us secure our future for many years to come.”
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 manufacturers such as Toyota and Nissan. Toyo Automotive also exports parts around the world.
To encourage the investment and job growth in Simpson County, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives of up to $150,000 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.
“By reinvesting in our community, Toyo is showing other manufacturers what a great place Kentucky is to call home,” said Sen. David Givens, of Greensburg. “We appreciate the confidence Toyo is showing in our community and our workforce, and we look forward to our partnership continuing to grow in coming years.”
“I’m really pleased to see Toyo Automotive take this step and invest further in Simpson County,” said Rep. Wilson Stone, of Scottsville. “This just adds to our region’s reputation in the automotive industry and is further proof that our workforce is truly second to none. I want thank the company for taking this step, and I appreciate the hard work of our local and state economic development leaders.”
“We are extremely excited about Toyo’s expansion,” said Franklin Mayor Ronnie Clark. “Toyo was our Industry of the Year in 2013, and this marks its third expansion since locating in our community over a decade ago. We are very pleased with the new jobs that they are bringing to Franklin.”
“Since locating in Franklin in 2001, Toyo has been a great corporate partner,” said Simpson County Judge-Executive Jim Henderson. “This latest expansion solidifies their investment in our community. To me, the best type of economic development and the best compliment to a community is when an existing industry decides to hire additional people and invest more money in their facility.”
Last year, nearly 35 percent of new investment and nearly 30 percent of new jobs came from motor vehicle-related projects. Kentucky’s nearly 460 motor vehicle-related establishments employ nearly 82,000 people.
For more information on Toyo Automotive, visit http://toyotires.com.
A detailed community profile for Franklin (Simpson 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.