A manufacturer of fastening systems and parts for the automotive industry, ARaymond Tinnerman Manufacturing, increased growth plans for its Flemingsburg, Kentucky production facility, expanding both jobs and planned investment. The company now plans a $1.96 million investment, instead of a previously anticipated $515,000, and almost doubled its hiring estimate to 52 workers.
The Flemingsburg facility, which is about 60 miles northeast of Lexington, produces window-channel guides, sunroof components and structural parts for the automotive industry. With the increased investment, the company has added a new process of plastic moldings and assemblies.
“It is great to be a part of manufacturing in the Commonwealth of Kentucky and having the support and leadership of Gov. Beshear and his economic development team,” said Bill Breeze, ARaymond Tinnerman plant manager. “The incentives created to help companies grow manufacturing business have proven to be effective. I am very pleased that ARaymond has confidence in the highly-motivated team in Flemingsburg to invest in a complete new process of plastic moldings. Our team has exceeded job growth expectations from the original project scope. This is the first step in our anticipated growth, which will create more opportunities for jobs in the future.”
“ARaymond Tinnerman has exceeded its own expectations, proving yet again why Kentucky’s auto industry is a true powerhouse,” said Gov. Steve Beshear. “The company has nearly quadrupled its investment and almost doubled the number of new jobs, making for a tremendous impact on Flemingsburg and the Commonwealth.”
As an incentive to encourage the increased investment and job growth in Flemingsburg, the Kentucky Economic Development Finance Authority amended the company’s approval for tax incentives to up to $1 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.