Summit Polymers Inc., a designer and manufacturer of automotive interior components, will establish a manufacturing facility in Anderson County, Kentucky. The $37.5 million project is expected to create 218 jobs.
The new 140,000-square-foot facility on approximately 40 acres along the U.S. Route 127 Bypass in Lawrenceburg will conduct plastic injection molding, paint applications and assembly operations. Thelocation will support the company’s business with automotive manufacturers in Kentucky and neighboring states, with potential for future expansion. Work will begin in the coming weeks, with completion scheduled for June 2023.
“Our roots in Kentucky run deep. This new Lawrenceburg facility reinforces our commitment to the longstanding partnerships we’ve shared,” said Scott McAllister, SPI’s director of new business development and material systems. “The Commonwealth of Kentucky, Anderson County and City of Lawrenceburg have been exceptional in their support for this new project, and we are thankful for this opportunity to conduct business in Lawrenceburg.”
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) today preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $2.8 million in tax incentives based on the company’s investment of $37.5 million and annual targets for job creation.
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, SPI can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced cost customized training and job-training incentives.
“It is always great to see companies grow in our state, and it is even better when that growth reaches into new communities,” Governor Andy Beshear said. “SPI has had a strong presence in the commonwealth for more than three decades, and this new Lawrenceburg operation will position the company for even bigger things in the future. Thank you to SPI’s leadership for your continued commitment to Kentucky and our residents.”
SPI is a family-owned, tier-one automotive supplier and woman-owned business based in Portage, Michigan. Over 50 years the company has grown into a global automotive supplier with over 3,000 employees and 15 locations worldwide that designs and manufactures decorated and assembled automotive interior components. SPI currently operates two facilities in Kentucky in Mt. Sterling and Elizabethtown.