Gov. Matt Bevin announced Taeyang Metal Industrial Co. Ltd., which makes fasteners and cold-rolled steel products for the automotive industry, will invest nearly $15.6 million and create 76 full-time jobs to establish a manufacturing plant in Franklin, the company’s first in the United States.
“Taeyang is a well-respected, global company in the automotive industry and we are grateful that its executives have selected Kentucky for their initial US operation,” Gov. Bevin said. “We are confident Taeyang will find success in Simpson County, thanks to the pro-business environment that exists across Kentucky. We thank the company for investing and creating jobs in the commonwealth and look forward to building a strong partnership in the years ahead.”
Taeyang will build a 101,000-square-foot facility on a 30-acre site near I-65 in Simpson County. Construction is expected to begin in December and the facility is scheduled to open by September 2018. The Franklin location will allow the company to better serve its customers in the US and expand its global market with production of cold-headed products and metal fasteners for the automotive industry.
“Taeyang Metals is very excited about locating our new plant in Franklin, Kentucky,” said Howard Hahn, Taeyang president and CEO. “We look forward to a successful partnership with the State of Kentucky and the City of Franklin, and continuing growth in this community. We will contribute to the regional economic development, which we hope will benefit the entire region.”
Founded in South Korea in 1974, Taeyang has become a leading supplier of fasteners and cold-forged products, including high-strength bolts, specialty fasteners and screws for automotive and other industrial markets. Since 2004, the company has expanded to operations to China and India. Taeyang’s customers include Fiat Chrysler Automobiles, General Motors, Hyundai/Kia, Cummins Diesel Engine, DMAX, Allison Transmission and Metaldyne.
Kentucky’s automotive industry, a pillar of the economy, employs 100,000 people full-time and includes more than 500 manufacturing, service and technology facilities across the state. This year the state ranks third nationally in production of passenger vehicles and first in vehicles produced per capita.
Taeyang also joins the state’s international business community, a group of nearly 500 facilities employing 105,000 people. The consortium represents 34 nations including three other Korean-owned companies.
Sen. David Givens, of Greensburg, said he is eager to see the company and community work together.
“I am excited to welcome Taeyang Metal Industrial Co. to our nation with its first manufacturing plant right here in Franklin,” Sen. Givens said. “Our community is looking forward to partnering with the company, and I know this organization will find great success with the help of Kentucky’s workforce.”
Rep. Wilson Stone, of Scottsville, said the arrival of Taeyang shows that business development efforts are paying off.
“I’m proud to welcome Taeyang Metal Industrial Co. to Franklin and stand ready to do all I can to help make it feel right at home as it settles into its new American location,” Rep. Stone said. “This announcement speaks volumes about the work we’re doing locally and at the state level to attract businesses like this, and I am glad to be part of the team helping to make this announcement possible.”
Franklin Mayor Ronnie Clark noted the significance of the project.
“The City of Franklin is pleased that Taeyang Metals will be building a 101,000-square-foot plant in our Henderson Interstate Industrial Park,” Mayor Clark said. “This is the first plant in the United States for Taeyang Metals, and we are honored that the company has chosen our community for this important company investment. We look forward to their growth and success in Franklin.”
Simpson County Judge-Executive Jim Henderson welcomed the region’s first investment from a Korean-owned company.
“Taeyang Metals marks the first Korean company to locate a manufacturing facility in Franklin,” Judge-Executive Henderson said. “Simpson County has numerous corporations from both Asia and Europe that have located in our area and we believe that more such companies will locate here in the future. The jobs that Taeyang Metals will be providing will continue to enhance our local and state economy.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in September 2016 preliminarily approved the company for tax incentives up to $2 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.
In addition, Taeyang can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. In fiscal year 2017, the Kentucky Skills Network provided training for more than 120,000 Kentuckians and 5,700 companies from a variety of industry sectors.
For more information on Taeyang, visit www.taeyangmetal.com/english/.
A detailed community profile for Simpson County can be viewed at http://bit.ly/SimpsonCo.
Information on Kentucky’s economic development efforts and programs is available at 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.