SHELBYVILLE, Ky. (WDRB) -- Gov. Steve Beshear was on hand with local leaders and company officials Thursday at a ribbon-cutting and grand opening for Nifco America Corp.'s expanded operations in Shelbyville.
According to a news release from the governor's office, the Japanese-owned automotive supplier has invested more than $4.3 million to purchase new injection molding equipment and has spent $3 million to add 73,000 square feet to its existing 115,000-square-foot facility. The move is expected to create about 100 new jobs.
"Nifco America Corp. is a global leader in its field and has been a valuable member of the Shelbyville community for more than five years," Beshear said in the release. "The multi-million dollar investment, with new equipment and expanded manufacturing capacity, will help drive this company forward to even greater success in the future, which is exactly what we want to see for the Commonwealth's thriving automotive industry."
Automotive and Japanese-based companies play a key role in Kentucky's economic strength. The Commonwealth is home to approximately 450 automotive-related industries that employ nearly 80,000 people. Japanese-owned companies operate more than 150 facilities in Kentucky, providing more than 37,000 full-time jobs.
Nifco added molding and assembly operations in Shelbyville in 2007. The company has added 73,000 square feet of manufacturing space at its plant on Hudson Boulevard in Shelbyville, and as part of the expansion, about 100 employees are expected to be added to the Nifco workforce by the end of 2013, bringing the total number to about 200 at the facility.
One reason for the growth: Nifco's customer, Toyota Motor Corp., is experiencing growth and using local suppliers to support its operations. The expansion will give Nifco additional manufacturing capacity for injection-molded plastics.
"We would like to thank the Commonwealth of Kentucky, the Shelby County Industrial Foundation and the city of Shelbyville for their support with the establishment and development of our facility in Shelbyville," said Nifco America Corporation Vice President Bryan Kelley.
The Kentucky Economic Development Finance Authority preliminarily approved Nifco America Corp. for tax benefits up to $70,000 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.
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