Family-owned company has been headquartered in Northern Kentucky for over 40 years
FRANKFORT, Ky. (Aug. 29, 2024) – Today, Gov. Andy Beshear announced that Mubea – a global automotive supplier of lightweight products for automotive chassis, bodies and powertrains – plans to expand its Boone County operations with a $24.3 million investment creating 102 well-paying jobs.
“Kentucky’s economy is strong, and the proof is in the companies that continue to invest and believe in what we have to offer,” said Gov. Beshear. “Mubea has been part of the commonwealth’s expansive logistics and distribution sector for more than four decades, and I’m excited to see them continue to grow here. I want to thank the company’s leadership for their continued investment in Boone County and look forward to their success in the community for years to come.”
Mubea plans to renovate an existing building at 8252 Dixie Hwy. to accommodate additional spring wire and coil spring production. The renovation will include updates to the building, investment in production equipment and the addition of 102 new full-time jobs.
“We are very grateful for the support and vision demonstrated by Gov. Beshear in facilitating Mubea’s expansion through the recent tax incentives,” said Mubea North America CEO James Sheehan. “It will be instrumental for our operations and will create new opportunities for our employees and community. We look forward to continuing this positive partnership and contributing to the economic vitality of our state.”
Headquartered in Attendorn, Germany, the Mubea Group has been an owner-managed, family business since 1916. The company specializes in lightweight parts for automotive and aerospace components. With more than 14,000 global employees in 54 locations, Mubea generated sales of approximately 3 billion euros in 2022.
Boone County Judge/Executive Gary Moore thanked Mubea for its continued investment in its facilities in Northern Kentucky: “Mubea has steadfastly grown its presence in the region as a Tier 1 automotive supplier with high-quality jobs. There was a competitive site location process for this new production capacity, and we are proud that, once again, Mubea chose Boone County for this expansion.”
BE NKY Growth Partnership CEO Lee Crume, who visited Mubea’s headquarters this summer, said, “We had a great visit with Mubea leaders in Germany in June and are thrilled the company will continue its growth trajectory in Northern Kentucky, bringing good-paying jobs to the region and adding to our advanced manufacturing industry.”
Mubea’s investment and job creation build on the best four-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling over $32 billion in announced investments, creating approximately 55,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; and INFAC North America’s $53 million investment in Taylor County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody’s Investors Service upgraded Kentucky’s credit outlook from stable to positive.
In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central region for economic development projects per capita in its 2023 Governor’s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and in the top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear announced a “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) today preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $1.25 million in tax incentives based on the company’s investment of $24.3 million.
Additionally, KEDFA approved Mubea for up to $50,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, Mubea can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
For more information on Mubea, visit Mubea.com.
A detailed community profile for Boone County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
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