IN: Japanese Manufacturer to Establish North American Headquarters in Franklin
22 Sep, 2011
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KYB Manufacturing North America, Inc., a Japanese manufacturer of shocks and struts for automobiles, announced plans today to relocate parts of its operations from Illinois to Franklin and establish its North American headquarters here, creating up to 50 new jobs by 2014.
The company will relocate its warehouse and distribution operations in Carol Stream and Addison, Ill., to its current location in Johnson County. As part of the project, KYB plans to invest $6.37 million to add an additional two facilities on its existing 51-acre campus.
"Japan has been one of Indiana's strongest economic and cultural partners for many years," said Governor Mitch Daniels. "KYB's decision to continue their investment in Indiana reinforces our state's stature as a leader on the global stage."
KYB Manufacturing North America, a subsidiary of KYB Corporation, will begin hiring new manufacturing, warehouse and administrative associates this year to coincide with facility improvements. KYB announced that as of Oct. 1, KYB Manufacturing North America will change its name to KYB Americas Corporation to better reflect its established regional headquarters and operations in Franklin.
"During Governor Daniels' visit to Japan in November 2010, I made a promise to him to consider further investments in Indiana," said Tadahiko Ozawa, chairman of KYB Corporation. "This investment plan is a fulfillment of that promise; we are very pleased to work with Indiana to continue to grow our presence there."
Established in 1919, KYB Corporation is headquartered in Tokyo, Japan. The company produces a variety of ride control, hydraulic and electronic products used in original equipment and replacement parts in automobiles, motorcycles, specialty vehicles, aircrafts and industrial application. Nearly one in every four automobiles comes with shocks and struts produced by KYB.
The Indiana Economic Development Corporation offered KYB Manufacturing North America Inc. up to $300,000 in performance-based tax credits and up to $90,000 in training grants based on the company's job creation plans. Up to $50,000 from the state's Industrial Development Grant Fund will be made available to the city of Franklin for off-site infrastructure improvements. The city of Franklin will request that the Franklin Redevelopment Commission consider creating a tax increment financing (TIF) district over the property.
"We are thrilled that KYB is making Franklin its North American Headquarters," said Mayor Fred Paris. "As the first Japanese company to locate in Franklin, we have enjoyed a strong and supportive relationship. One that is committed to growing with them, making Franklin a great place to live, work and play for a lifetime."
Indiana counts Japan as its largest Asian trading partner and sixth-largest export country in the world according to the U.S. Department of Commerce's National Trade Database. In 2010, the Hoosier state had 213 Japanese business facilities with 40,510 total employees.
About KYB Corporation
Established in 1919 and headquartered in Tokyo, Japan, KYB Corporation is a $3.8 billion global manufacturer with more than 11,000 employees, selling its products in over 100 countries. The company produces damping, hydraulic and electronic products used as original equipment and replacement parts in automobiles, motorcycles, specialty vehicles, aerospace and industrial applications .Nearly one in every four automobiles comes with shocks and struts produced by KYB. For more information, visit www.kyb.com.
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Dan Hasler serves as the chief executive officer of the IEDC. For more information about IEDC, visit www.iedc.in.gov.