Gov. Steve Beshear has announced Hayashi Telempu North America Corporation, a wholly owned subsidiary of Japan-based Hayashi Telempu Corporation, plans to establish manufacturing operations in Frankfort, KY. The project will create 103 jobs and represents an investment of more than $10.7 million in the Commonwealth.
Hayashi Telempu manufactures automotive interior parts and will occupy a 60,000-square-foot facility. Established in 1947 in Japan, the company has grown to include more than 3,000 employees in offices and plants all over the world, including a location in Lexington, KY.
“We are excited about opening our newest North American facility in the Frankfort location,” said Norio Takami, president and CEO of Hayashi Telempu North America Corp. “This new location will enable us to improve our ability to serve our customers more effectively, as we produce our new lightweight products with state-of-the-art equipment and leading edge technology there. Operations will start in September 2014.”
To encourage the investment and job creation in Frankfort, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $1.3 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.
Kentucky is home to nearly 450 motor vehicle-related facilities, employing nearly 80,000 people. The automotive industry led a record-setting year of exports in Kentucky for 2012, with $4.4 billion in export sales for motor vehicles and parts produced in the Commonwealth.
Kentucky’s foreign direct investment also continues to grow, with approximately 420 internationally based companies from 30 nations, employing more than 80,000 people in the Commonwealth. Japanese-owned companies operate more than 150 facilities in Kentucky and provide more than 37,000 full-time jobs.
“This is great news and further illustrates just how much potential Kentucky has when it comes to growth from foreign investment,” said Rep. Carl Rollins, of Midway. “I want to thank the company for choosing to locate here, and I appreciate the work Gov. Beshear, the Cabinet for Economic Development, and our local officials have done to make our community such an attractive place for jobs like this. This also speaks highly of our workforce, which is truly second-to-none.”
“As Franklin County judge-executive, I extend a warm welcome to Hayashi Telempu North American Corporation on behalf of our county and the region, and thank Gov. Beshear for his efforts, which have helped make your presence here a reality,” said Franklin County Judge-Executive Ted Collins. “We believe you will find Franklin County a partner who shares your vision of future success in this venture, is supportive of local business, and one that will help to provide the most effective resources for you to thrive in our community. People are a company’s greatest asset, and we know you will find the people of this area, who will fill the 103 jobs you propose to create here, a great resource. Franklin County thanks you for making this the choice for your new site, and we wish you and your business much success.”
