KY: Toyo Tire & Rubber to Invest $5.6M, Hire 42, Locate Subsidiary in Franklin
4 Feb, 2016
In a move that will create 42 jobs with an investment of $5.6 million, TMM USA Inc., a subsidiary of Toyo Tire & Rubber Co. Ltd., will locate in Simpson County and supply its parent company with stamped and welded components, Governor Matt Bevin announced.
TMM will lease 45,000 square feet in the newly expanded Toyo Automotive Parts USA Inc. factory in Franklin, an arrangement expected to save time and expense.
“Kentucky’s signature auto manufacturing industry is a major driver of our state economy,” said Gov. Bevin. “The addition of TMM USA improves operations at Toyo Automotive Parts and further solidifies Kentucky’s standing as a prime destination for the nation’s automotive industry. It is a testament to the quality of Simpson County’s workforce and further indication that Kentucky is open for business.”
A well-recognized name in stamping and welding in its native Japan, the Franklin location marks TMM’s first U.S. facility.
“Toyo Automotive Parts USA is pleased that we can bring TMM to Franklin to support both our operations and the local community,” said Ron Wyans, president of Toyo Automotive Parts. “The addition of TMM inside our facility will surely help improve our operations and create more opportunities in the future.”
At its Franklin facility, Toyo Automotive Parts makes anti-vibration components including engine mounts, bushings and strut mounts. Company executives expect to save on metal and raw materials, as well as on shipping and storage by locating TMM in house. Currently, Toyo purchases more than 50 percent of those materials from outside suppliers.
“We are proud to welcome the new partnership that is TMM USA Inc. to Kentucky,” said Sen. David Givens, of Greensburg. “The estimated 42 jobs and investment of $5.6 million speak wonders to the type of business environment we have been able to create, specifically for manufacturing careers. We appreciate everyone who participated in bringing TMM USA, Inc. to Franklin.”
“I appreciate Toyo’s ongoing contributions to Simpson County’s economy and its willingness to partner with others to add even more investment and jobs,” said Rep. Wilson Stone, of Scottsville. “I’m happy to welcome TMM here and want to thank everyone involved for making this possible, including our local and state economic development leaders.”
“TMM will be an important supplier to one of our major manufacturers, Toyo Automotive Parts,” said Franklin Mayor Ronnie Clark. “We are very pleased to know that this new Japanese company will be creating new jobs and investing several million dollars in equipment in Franklin. This announcement comes at the end of 2015, which has proven to be an exciting year for industrial growth in Franklin.”
“The new TMM project is very welcome news for Simpson County,” said Simpson County Judge-Executive Jim Henderson. “This marks the fourth Japanese manufacturing company in our community and demonstrates how important the international automotive industry is to us as well as Kentucky. I am pleased that they have chosen to locate in the Franklin-Simpson County area.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $360,000 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.
In addition, TMM USA 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.
For more information on Toyo Tire and Rubber Ltd., visit www.toyo-rubber.co.jp/english/
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.