Futronic USA Inc., a South Korean manufacturer of electric vehicle parts, selected Buda, Texas as its first location in the United States. This significant achievement marks a major milestone for Buda Economic Development Corporation as it is the first electric vehicle parts supplier in Buda.
“The collaboration between Buda EDC, Greater San Marcos Partnership, and Opportunity Austin helped bring this to fruition, which shows how targeted economic development efforts can lead to substantial benefits for both businesses and communities,” said Buda EDC CEO Jennifer Storm. “With over three million square feet of industrial spec space coming online, Buda is open for business.”
Futronic is a leading manufacturer of motor vehicle transmission and powertrain parts. Part of Buda’s appeal to advanced manufacturers such as Futronic is the city’s proximity to two international airports and cutting-edge companies such as Samsung and Tesla’s manufacturing facility, Giga Texas. Futronic’s move to Buda launches a new era for the city, looking toward becoming an emerging hub for innovative companies.
The building acquisition is estimated at $11 million with a capital investment of $17 million, which includes fixtures, equipment, and building improvements. Buda EDC’s Board of Directors and Buda City Council approved $600,000 in incentives to ensure Futronic’s move, which will result in more jobs.
Buda EDC Assistant Director Shannon Mumley has worked for the past nine months to secure this RFP win. “Futronic will be Buda’s largest employer, with an estimated 350 jobs over the county median wage,” said Mumley.
The South Korea-based company will occupy a more than 66,000 square foot existing commercial space that was recently vacated, and the Buda EDC incentive will help to reactivate this building as quickly as possible. Futronic expects to finish out the space by the end of 2024 and begin production in late 2025.
Worthington Bank Moves Headquarters To West Fort Worth Area
Worthington Bank, based out of Forth Worth, TX, has acquired an eight story building for its new corporate headquarters. The 96,000-square-foot building located in Walsh, a fast-growing 7,500-acre development in west Fort Worth spanning Tarrant and Parker County, will include multiuse spaces and retail sites.
The eight story tower will have Class A finishes and decorated in Western style, in honor of the area. Local Texas artists and architects will be employed to help design and make improvements to the new building.
