Wednesday, 11 14, 2012
South Korean automotive supplier to invest $6.5 million in the Commonwealth
CAMPBELLSVILLE Ky. – Governor Steve Beshear today joined local and company officials to announce INFAC North America Inc. plans to expand operations in Campbellsville. The $6.5 million project includes the addition of 20 new, full-time jobs.
“INFAC is on track to becoming a global leader in automotive parts manufacturing, and we’re proud to have INFAC in the Commonwealth,” said Gov. Beshear. “These 20 new jobs and a $6.5 million investment are perfect examples of the powerful impact of the auto industry and foreign direct investment on Kentucky’s growing economy.”
INFAC was established in 1969 in South Korea and specializes in automotive components, such as mechanical control cables, solenoids, antennas and horns for General Motors, Chrysler, Hyundai and KIA. In 2008, the company opened its U.S. operation, which currently has 60 employees, in Campbellsville. INFAC has outgrown the leased 52,000-square-foot warehouse and distribution center and plans to build a new 100,000-square-foot assembly, manufacturing and warehouse facility. The new building will allow for increased manufacturing of brake and transmission control cables.
“When the time came for INFAC North America to expand its facilities, the decision to remain in Campbellsville was an easy one,” said Chairman Ohe Gil Choi. “The strong work ethic, the dedication and warmth of the people of this community, along with the willingness and openness of Taylor County to welcome and support INFAC North America, made it a simple choice to stay and grow right here. INFAC looks forward to a prosperous future for our company and the people of Taylor County. ”
Foreign direct investment and the automotive industry are both very important to Kentucky’s economy. The Commonwealth is home to more than 420 foreign-owned companies from 30 nations, employing nearly 78,000 people. Kentucky has more than 440 motor vehicle-related manufacturing establishments, accounting for almost 72,000 jobs in the Commonwealth.
To encourage the investment and job growth in Campbellsville, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $400,000 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.
KEDFA also approved INFAC for tax benefits up to $300,000 through the Kentucky Enterprise Initiative Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
“I am so pleased that Taylor County has an opportunity to expand on its current manufacturing base,” said Sen. Jimmy Higdon, of Lebanon. “It is apparent that our hard-working people are a good fit with any job-creator.”
“INFAC’s decision to expand their plant and hire more employees is a direct reflection of the quality of life our region offers, and the quality of the workforce in Taylor and surrounding counties,” said Rep. John ‘Bam’ Carney, of Campbellsville. “Kentucky has built its reputation as a prime location for the automotive industry over the past several years, and this expansion means that Campbellsville will be an important part of the industry for years to come.”
“We are honored and appreciate INFAC choosing our community for this very important investment,” said Campbellsville Mayor Tony Young. “Their decision to expand in Campbellsville speaks to the strength and dedication of their local workforce. We look forward to their future growth potential and the effect on our local economy.”
“This is a great day for Campbellsville and Taylor County. We are excited to have INFAC remain and expand in our community,” said Taylor County Judge-Executive Eddie Rogers. “INFAC’s huge capital investment is a testimony to the excellent work ethic of our people.”
For more information on INFAC, visit www.infac.com.
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 at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky.
A detailed community profile for Campbellsville (Taylor County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=060.