German-based A Kayser Automotive Systems Invests $17.5 Million On First US Plant In Fulton, Kentucky
Area Development Online News Desk (08/05/2013)
A. Kayser Automotive Systems USA, a subsidiary of Germany-based A. Kayser Automotive Systems GmbH, plans to invest more than $17.5 million to establish its first manufacturing facility in Fulton, Kentucky, creating 121 jobs in the region.
Kayser Automotive produces modules and ready-to-install systems for automotive original equipment manufacturers and Tier 1 suppliers in America, Asia and Europe. In order to expand and improve service to U.S. customers, the company plans to make modifications to an existing building on Kentucky Avenue in Fulton, where operations will include the fabrication, assembly and testing of metal and plastic components and assemblies.
“We are happy to locate our new operations in Fulton,” said Kurt-Heinz Borth, CEO of Kayser Automotive. “The U.S. market is very important to us, and we believe that Fulton, with its skilled employees, will ensure that we continue to live up to our high quality standards.”
“We welcome Kayser, and we know this global company will be a tremendous addition to our growing automotive supplier base,” said Gov. Steve Beshear. “It’s an honor that Kayser chose Kentucky as its first site for U.S. operations, creating 121 new jobs and investing $17.5 million in Kentucky. Their decision speaks well of our business climate and strategic location.”
To encourage the investment and job creation in Fulton, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $3 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.
“We are very excited to have Kayser Automotive locating their first U.S. manufacturing facility here in our community,” said Fulton Mayor Elaine Forrester. “We look forward to working with the great leadership at Kayser and we see them as a real asset to our town. I know there has been a lot of hard work from both the company and the Fulton County-Hickman County Economic Development Partnership to get to where we are today. On behalf of my staff, I would just like to say welcome and thank you for choosing us for your new location.”
“TVA congratulates Kayser Automotive on its decision to locate in Fulton,” said John Bradley, TVA senior vice president of economic development. “TVA and the Fulton Electric System are pleased to partner with the Commonwealth of Kentucky, the Fulton County-Hickman County Economic Development Partnership and other local leaders to help new companies to locate and expand in our service area.”