Japan-based Funai Electric Co., Ltd. will invest $4.2 million to open Funai Lexington Technology Corporation on the Lexmark campus in Lexington, Kentucky
, with plans to employ up to 50 people in Fayette County.
The firm will support research and development in the inkjet and microfluidic technologies. Microfluidics is the use of engineering, science and technology to design systems in which small volumes of fluids will be handled. In April 2013, Funai announced the acquisition of Lexmark’s inkjet technology assets, more than 1,000 patents and a manufacturing facility in the Philippines. Funai has been a design and contract manufacturer for Lexmark International since 1997.
“Funai Lexington Technology Corporation is a critical development resource for the Funai Electric Company Limited,” said Kiyoshi Chinzei, Officer and General Manager of the Office Solution Business Unit of Funai Electric Company Limited. “This new company will continue research and development in the inkjet and microfluidic technologies. We expect this company will lead great success for us to be one of global leaders in the new business opportunities. We are pleased with the technology resources available in Lexington and the support of the Commonwealth of Kentucky.”
“This is a prime example of an innovative company teaming up with an innovative and high-tech workforce,” said Gov. Steve Beshear.
“Kentucky’s reputation for employing educated and skilled workers is gaining the attention of companies around the world. We are very excited to welcome Funai to the Commonwealth, and we look forward to seeing Funai Lexington Technology Corporation grow into a global leader.”
To encourage the investment and job creation in Fayette County, the Kentucky Economic Development Finance Authority
preliminarily approved the company for tax incentives
up to $1.2 million 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.
“Funai’s decision to open a research facility in Lexington is one more example of the attraction of high-tech companies to our quality of life and their recognition of local talent,” said Lexington Mayor Jim Gray. “These are great jobs with a great company. Welcome, Funai Electric.”
“Lexington is excited to welcome Funai Lexington Technology Corporation to our technology community,” said Bob Quick, president and CEO of Commerce Lexington Inc.
“Lexington was recently ranked in the top 25 high-tech hotspots in America, and Funai’s decision to locate in our city is a testament to our educated workforce, low cost of doing business and innovative spirit.”