TOPY America Inc., a steel wheel manufacturer for the North American passenger car and light truck markets, completed a $38 million renovation at its manufacturing plant in Frankfort, Kentucky.
Investment at the 500,000-square-foot facility included the installation of a new state-of-the-art automated steel wheel assembly line, an additional painting line and two center-disc line enhancements, as well as lighting and climate control upgrades.
"TOPY America has updated our facilities to position ourselves for 35 more years of supplying world-class quality steel wheels to the North American market and to secure our associates' and their families' future," said Todd Dorsey, director at TOPY. "Our associates and their families and this community have always been our greatest assets."
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority in December 2017 preliminarily approved the company for up to $1.75 million in tax incentives through the Kentucky Reinvestment Act (KRA). KRA is designed to help companies make significant capital investments to become more competitive, retain employment and increase productivity and efficiency.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments. In addition, TOPY can receive resources from the Kentucky Skills Network.
"For 35 years, TOPY America has been a vital part of the Frankfort community, providing stable jobs and quality products that families depend on," Governor Andy Beshear said. "We are proud to see the company make this major reinvestment, take a big step forward in efficiency and modernization, and work to secure the future of its business and employees. Now more than ever, as we build a better Kentucky, companies need to reposition themselves for long-term success. I look forward to the years ahead for TOPY and the jobs, wages and families it supports here in Frankfort."
The company, a subsidiary of TOPY Industries Ltd. in Japan, produces steel road wheels for automotive manufacturers throughout North America, with the Frankfort facility producing conventional, bead seat and full-face steel wheels to Fiat Chrysler Automotive, Ford Motor Co., General Motors Corp., Honda of America and Canada, Kia Motor Manufacturing in Georgia, Hyundai Motor Manufacturing in Alabama, Nissan North America in Tennessee and Mississippi and Subaru of Indiana.
Terri Bradshaw, president and CEO of the Kentucky Capital Development Corp. said, "Thirty-eight million dollars is a phenomenal investment in our community and the employees of TOPY America. We are fortunate to have a local industry who recognizes the importance of new technologies, processes and skills required to continue being leaders in advanced manufacturing around the world," Bradshaw added. "What an appropriate time, during Industry Appreciation Month, to make this announcement."