FRANKFORT, Ky. (Dec. 17, 2020) - Taica Cubic Printing Kentucky LLC, which provides cubic printing, paint application and assembly services on molded substrates for Tier 1 automotive suppliers, plans to expand its Clark County facility with a $4.4 million investment expected to create 20 well-paying jobs.
"Despite the challenges facing nearly every industry this year, Kentucky's automotive strength continues to be apparent," Gov. Andy Beshear said. "Companies like Taica Cubic Printing Kentucky have taken these challenges head-on while remaining committed to the future. I'm thrilled Taica's future includes Kentucky, and I hope to see even bigger things for the company in the years ahead."
Taica plans to add to its existing 63,000-square-foot facility in the Winchester Industrial Park with a 25,000-square-foot expansion and the purchase of five injection molding machines across two phases. The added space would allow for in-house production of substrates currently purchased from other sources, increasing efficiency and lowering operating costs.
The Winchester facility became operational in 2013 and since has exceeded the company's initial projections for wages and job growth. In 2014, Taica was approved for state tax incentives for its initial investment in Kentucky, projected to create 30 jobs at an average hourly wage of $22. Currently, the company employs 44 Kentuckians at an average wage of more than $26 per hour.
"The success we have achieved is thanks to the great contribution of our Kentucky team members. The support that Gov. Beshear, the KEDFA board, Clark County and the City of Winchester have provided gives us confidence to move forward with our second investment on the same site," said Yasuhiro Kanai, president of Taica Cubic Printing Kentucky. "We hope and expect that this will not be our last expansion in the commonwealth. Kentucky is a great place to live and work. Our goal is for Taica Cubic Printing Kentucky to continue to grow and mature to the level of an excellent company in Kentucky."
The Kentucky operation is a subsidiary of Tokyo, Japan-based Taica Corp., which was founded in 1948 and has operated under its current name since 2006. In 1984, the company developed Cubic Printing, a hydrographic printing process that involves floating a special printed film on water and using water pressure to transfer a printed pattern onto a substrate material. Other Taica technologies include Alpha GEL, a shock absorption and heat dissipation material, and Alpha PLA mattresses used for bedsore prevention. The company also operates Taica North America Corp. in Santa Clara, Calif. in addition to facilities in Mexico, China and Cambodia.
Nearly 200 Japanese-owned manufacturing, service and technology facilities currently operate in the commonwealth, employing approximately 47,000 Kentucky residents, making it the state's top international investor.
Kentucky's automotive industry includes more than 520 automotive suppliers, such as parts and components manufacturers, tool-and-die operations, service and tech companies, and four automotive assembly plants. In total, Kentucky's automotive industry employs nearly 101,000 people full time.
Winchester Mayor Ed Burtner said the company has engrained itself in the community since locating there.
"For the past seven years Taica has been a strong corporate community partner," Mayor Burtner said. "We are pleased that during these trying times Taica has chosen to make this $4.4 million investment while adding 20 jobs to our workforce. This commitment is the result of a valued partnership between Taica, the Commonwealth of Kentucky, Winchester and Clark County."
Clark County Judge/Executive Chris Pace said Taica's expansion is part of a larger growth plan for the local business sector.
"We are excited to see accelerated growth in Clark County and look forward to partnering with Taica and other companies who bring well-paying jobs to our community," Judge/Executive Pace said. "Today's announcement is the latest development in our plan for long-term business growth and is reflective of the outstanding business climate and quality workforce we have to offer in Clark County.&quo
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) last week preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $300,000 in tax incentives based on the company's investment of $4.4 million and annual targets of:
- Creation and maintenance of 20 Kentucky-resident, full-time jobs across 10 years; and
- Paying an average hourly wage of $26.08 including benefits across those jobs.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, Taica can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.
For more information on Taica Corp. of Japan visit Taica.co.jp/en.
A detailed community profile for Clark County can be viewed here.
Information on Kentucky's economic development efforts and programs is available at www.CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov and LinkedIn.
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