ZF Steering Systems LLC will invest $95.8 million over the next three years for a major expansion at its facility in Florence in Northern Kentucky. This in response to increased demand for the company's products and involves constructing two new buildings and creating 374 new full-time jobs.
ZF Steering Systems is a subsidiary of Germany-based ZF Lenksysteme GmbH, and has been located in Kentucky since 1994. The company manufactures steering components for passenger cars and SUVs, and is adding capacity to meet demand for its new electric steering gear. Construction is expected to be complete by summer 2011.
"This important investment will allow us to meet the increasing demand for our premium steering components and expand our manufacturing footprint in Northern Kentucky," said Pierre Abboud, president & CEO, ZF Steering Systems LLC. "The area's skilled workforce and competitive business environment were among the reasons we chose to locate here, and we look forward to continued growth in the region."
An incentive package was preliminarily approved by the Kentucky Economic Development Finance Authority (KEDFA) to encourage the near $100 million investment.