Mitsui Kinzoku Catalysts America Inc., a subsidiary of Mitsui Mining & Smelting Co. Ltd., will invest $19.5 million to establish a manufacturing operation in Frankfort, Kentucky
, with plans to create 50 new, full-time jobs in the Commonwealth.
The manufacturer plans to lease an existing building on Hoover Boulevard in Frankfort to manufacture catalytic converters for automobiles and motorcycles. The company hopes to begin operations by July 2015.
“We welcome Mitsui Kinzoku to Kentucky and embrace Mitsui Kinzoku’s dedication to innovation and responsibility,” said Gov. Steve Beshear. “This is a company that makes it a policy to preserve the environment, conserve energy and develop next generation products.”
To encourage the investment and job creation in Frankfort, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $500,000 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.
“Mitsui Kinzoku’s decision to locate and do business in Frankfort is a most welcome addition to our area,” said Frankfort Mayor William May. “It further proves that Frankfort can provide the skilled workforce new companies are seeking for their operations. The jobs Mitsui Kinzoku will provide are a very welcome benefit, and we extend our special thanks to the company for choosing Frankfort. We look forward to long term success in our community and wish the administration and team members our heartfelt best wishes.”