FRANKFORT, Ky. (April 30, 2015) – When New Mather Metals first made plans to expand its Simpson County facility a year ago, the company expected to create 20 new jobs and invest $4.5 million into the project.
Turns out, the Kentucky automotive supplier needs to grow even more. Gov. Steve Beshear today announced that New Mather has increased the scope of the project and now plans to hire a total of 40 employees and invest $20 million.
"That fact that New Mather Metals is more than tripling its initial investment and creating double the jobs shows the kind of success companies find in Kentucky," said Gov. Beshear. "I want to thank New Mather for creating more opportunities for our workforce, our families and our communities."
New Mather, which produces suspension components for the automotive industry, has undergone three major expansion projects in recent years and needs to add new production lines to meet the demand. The company plans to add nearly 58,000 square feet to its current facility on Page Drive. The project is expected to be completed by October.
"This expansion will allow New Mather to increase our product offerings in the automotive suspension market and provide additional employment opportunities locally in Franklin-Simpson," said Jeff Johnson, plant manager. "New Mather Metals is fortunate to be in a position where, with the support of our parent company, as well as state and local officials, we can invest in new capacity and technologies to meet the growing demands of our customers and the automotive industry."
New Mather Metals is a wholly owned subsidiary of NHK International Corporation, which is owned by Japan-based NHK Spring Company Limited. The Franklin facility opened in 2002 and currently has 360 employees. With additional facilities in Bowling Green and Louisville, NHK employs over 1,000 full-time workers in Kentucky.
"New Mather's expansion signifies good news for Kentucky," said Sen. David Givens, of Greensburg. "I congratulate them on their success and am excited that they continue to thrive and invest in our people."
"I appreciate the confidence that New Mather has put in our workforce and want to thank the company for the additional high-quality jobs and investment they are bringing to the region," said Rep. Wilson Stone, who represents Simpson County. "I also want to thank our local and state leaders for working with New Mather to help make this possible. This is certainly great news for us."
"The expansion at New Mather Metals is welcomed news for the citizens of Franklin," said Franklin Mayor Ronnie Clark. "I am proud of the continued growth this company has had over the years. They provide high paying, skilled jobs for our city, and we are pleased that New Mather Metals is expanding once again in Franklin."
"We are very excited about Mew Mather Metal's latest expansion" said Simpson County Judge-Executive Jim Henderson. "This marks the fourth time this great industry has expanded in Simpson County since it located here 14 years ago. We certainly appreciate their continued investment in our area."
To encourage the new investment and job growth, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $325,000 through the Kentucky Business Investment program. That amount is expected to be increased at the time of final approval to reflect the increased job growth and investment.
In addition, New Mather is eligible to receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies are eligible to receive no cost recruitment and job placement services, reduced cost customized training and job training incentives. Last year, the Kentucky Skills Network trained more than 84,000 employees from more than 4,100 Kentucky companies.
A detailed community profile for Franklin (Simpson County) can be viewed here.
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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.