BARDSTOWN Ky. (March 19, 2015) – Lieutenant Governor Crit Luallen today joined company and local officials to announce that Japanese auto supplier Itsuwa plans to locate a facility in Nelson County.
The operation, which will be called Itsuwa Kentucky, will create 43 new, full-time jobs and invest $5.2 million in the Commonwealth.
"We are very excited to welcome Itsuwa to Kentucky," said Gov. Steve Beshear. "The fact that international companies continue to locate to the Commonwealth shows that we're a powerful contributor to the global economy. I want to thank Itsuwa for investing in the state and look forward to the company's ongoing success."
"Today is an outstanding celebration for Itsuwa Kentucky, Bardstown and the Commonwealth," Lt. Gov. Luallen said. "We have a tremendous workforce in Kentucky and an ever-growing reputation for our skills in the automotive industry, which is such a driving force for the economy."
Itsuwa recently purchased 16 acres in the Wilson Industrial Park, and plans to build a 32,000-square-foot coating and painting facility. It will be the company's second location in the U.S. and first in the Commonwealth. The facility is expected to be operational early next year.
"Itsuwa looks forward to locating its facility in Bardstown, with its flourishing automotive base and business-friendly atmosphere," said Akira Hayashi, Itsuwa's general manager. "Itsuwa is also very pleased with the warm welcome it has received from Bardstown as well as from Kentucky. Thank you for welcoming Itsuwa to Kentucky."
Itsuwa Kentucky is a subsidiary of Itsuwa Sesisakusyo Co. Ltd. Established in 1973, the company specializes in coating and painting automotive parts, including seats, chassis, pipes and interior plastic panels. The company also designs and builds its own equipment, including robot spray paint and electrocuting systems.
The company is Kentucky's most recent addition to an already dynamic and vibrant automotive industry, comprised of more than 460 motor-vehicle related establishments. Those facilities, which include four major auto assembly plants, employ 85,000 people across the state.
The location of Itsuwa Kentucky also adds to the state's success in attracting foreign direct investment. Kentucky is home to more than 430 internationally based companies, including 170 from Asia. Last year, nearly a third of all new investment and 20 percent of jobs announced in the state was a result of foreign direct investment.
"I am excited that Itsuwa has chosen to locate in Bardstown and bring these good opportunities to the area," said Sen. Jimmy Higdon, of Lebanon. "I also want to thank everyone who helped make this possible as we continue working together to make Nelson County a better place to live, work and raise children."
"Bardstown continues to grow as a hub for the automotive industry, and Itsuwa Kentucky will be a welcomed addition to our manufacturing community," said Bardstown Mayor John Royalty. "We are honored that this international company selected us, and we look forward to helping them grow and prosper in Bardstown."
"We are very excited to have Itsuwa select our community for its new project," said Nelson County Judge-Executive Dean Watts. "The 43 new jobs will be a great addition to our industrial base."
To encourage the investment and job creation in Bardstown, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $800,000 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.
KEDFA also approved the company for tax incentives up to $50,000 through the Kentucky Enterprise Initiative Act. The program 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.
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 or follow on Twitter. Watch the Cabinet's "This is My Kentucky" video on YouTube.
A detailed community profile for Bardstown (Nelson County) can be viewed here.
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. Watch the Cabinet's "This is My Kentucky" video on YouTube.
The Kentucky Cabinet for Economic Development is the primary state agency responsible for encouraging new jobs and investment in the state. New capital investment announced in Kentucky in 2014 totaled a state record $3.7 billion, spurring more than 15,000 projected new jobs. The Commonwealth also received Site Selection magazine's nationally acclaimed Governor's Cup for most economic development projects per capita last year. Information on available industrial properties, workforce development assistance, incentive programs, community profiles, small business development and other economic development resources is available at www.ThinkKentucky.com.