South Korean-based automotive supplier, INFAC North America Inc., plans to invest $6.5 million to expand its operations center in Campbellsville, Kentucky.
INFAC has outgrown its leased 52,000-square-foot warehouse and distribution center and plans to build a new 100,000-square-foot assembly, manufacturing and warehouse facility. The firm said a new building will allow it to increase manufacturing of brake and transmission control cables.
Established 1969 in South Korea, the firm specializes in automotive components, such as mechanical control cables, solenoids, antennas and horns for General Motors, Chrysler, Hyundai and KIA. In 2008, the company opened its U.S. operation, which currently has 60 employees, in Campbellsville.
“When the time came for INFAC North America to expand its facilities, the decision to remain in Campbellsville was an easy one,” said Chairman Ohe Gil Choi. “The strong work ethic, the dedication and warmth of the people of this community, along with the willingness and openness of Taylor County to welcome and support INFAC North America, made it a simple choice to stay and grow right here. INFAC looks forward to a prosperous future for our company and the people of Taylor County. ”
“INFAC is on track to becoming a global leader in automotive parts manufacturing, and we’re proud to have INFAC in the Commonwealth,” said Gov. Beshear. “These 20 new jobs and a $6.5 million investment are perfect examples of the powerful impact of the auto industry and foreign direct investment on Kentucky’s growing economy.”
As an incentive, to encourage the investment and job growth in Campbellsville, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $400,000 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 INFAC for tax benefits up to $300,000 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.