Friday, 04 26, 2013
Automotive supplier adds 52 jobs, invests nearly $2 million in project
FRANKFORT, Ky. – Governor Steve Beshear today announced ARaymond Tinnerman Manufacturing has expanded its growth plans in Flemingsburg, increasing both jobs and investment from its originally planned project.
A global leader in fastening systems for the automotive industry, ARaymond Tinnerman announced an expansion in July 2010 but has added 52 jobs instead of the planned 28. The company has additionally increased its investment from an anticipated $515,000 to more than $1.96 million.
“ARaymond Tinnerman has exceeded its own expectations, proving yet again why Kentucky’s auto industry is a true powerhouse,” said Gov. Beshear. “The company has nearly quadrupled its investment and almost doubled the number of new jobs, making for a tremendous impact on Flemingsburg and the Commonwealth.”
The Flemingsburg facility, which is about 60 miles northeast of Lexington, produces window-channel guides, sunroof components and structural parts for the automotive industry. With the increased investment, the company has added a new process of plastic moldings and assemblies. Kentucky is home to approximately 450 automotive-related industries that employ nearly 80,000 people.
“It is great to be a part of manufacturing in the Commonwealth of Kentucky and having the support and leadership of Gov. Beshear and his economic development team,” said Bill Breeze, ARaymond Tinnerman plant manager. “The incentives created to help companies grow manufacturing business have proven to be effective. I am very pleased that ARaymond has confidence in the highly-motivated team in Flemingsburg to invest in a complete new process of plastic moldings. Our team has exceeded job growth expectations from the original project scope. This is the first step in our anticipated growth, which will create more opportunities for jobs in the future.”
To encourage the increased investment and job growth in Flemingsburg, the Kentucky Economic Development Finance Authority amended the company’s approval for tax incentives to up to $1 million 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.
“I am very pleased that ARaymond Tinnerman has made this additional investment in the Flemingsburg community and created even more new jobs,” said Sen. Walter “Doc” Blevins Jr., of Morehead. “This speaks highly of our workforce. Our area will continue to reap the rewards of economic growth and additional job opportunities that come with this investment. I applaud Gov. Beshear for taking the lead to support this industry, their employees and their families.”
“ARaymond Tinnerman is a great asset for our region, so it means a lot that it is undertaking this major expansion,” said Rep. Mike Denham, of Maysville. “This decision also speaks volumes about our local workforce, which I think is truly second to none. I appreciate the company’s decision to widen its presence here, and I also want to thank our local and state officials who worked together to help make this possible.”
“ARaymond Tinnerman is a vibrant force in the economic vitality of our community,” said Flemingsburg Mayor Martin Voiers. “The expansion of the operation and the workforce will have a very positive impact on the overall economic outlook, both now and in the days ahead.”
“We are very pleased to learn of the increased expansion of jobs at ARaymond Tinnerman Manufacturing here in Fleming County,” said Fleming County Judge-Executive Larry H. Foxworthy. “The announcement that they would increase the amount of new jobs created to 52 is extremely good news for the people of Fleming County. This company has been an important part of our community for many years, and it continues to invest in the future of our area by creating these much needed jobs. We also want to thank Gov. Steve Beshear and his staff, as well as the Kentucky Cabinet for Economic Development, for their part in making this project become a reality. Without that support, this expansion would not have taken place.”
For more information on ARaymond Tinnerman, visit www.araymond.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 Flemingsburg (Fleming County) can be viewed at http://www.thinkkentucky.com/edis/cmnty/index.aspx?cw=069.