Franklin Precision Industry Inc. will invest more than $50.5 million to expand and equip its Franklin, Kentucky facility, adding 113 new full-time jobs.
The company is an automotive manufacturer supplying critical parts to the automotive industry. According to Kentucky Economic Development officials, the planned expansion includes the purchase of equipment and construction of additional buildings for production, warehousing, and manufacturing operations at FPI's current location on Bowling Green Road in Franklin. The plant currently employs 471 workers.
We're excited to see Franklin Precision Industry expand, succeed, and prosper here in the Commonwealth," Gov. Steve Beshear said. "It's no coincidence that FPI has kept Franklin as its home for nearly a quarter of a century, showing why Kentucky's vibrant workforce and ideal location are so successful for the automotive-related industry."
"This is an outstanding day for Franklin, and it's a result of the daily hard work of the people who comprise Franklin Precision Industry," said Lt. Gov. Jerry Abramson. "FPI uses the Japanese philosophy of kaizen, or continuous improvement, as an aspect of daily operations, and that dedication is evident in the success we see here today and should inspire us for a promising future in Franklin and Kentucky."
"We are excited about this and future growth opportunities for Franklin Precision Industry in the Commonwealth of Kentucky," said FPI General Manager Eric Eskridge. "These expansions are possible because of the continuous support of Gov. Beshear, Lt. Gov. Abramson, Sen. Givens, Rep. Stone, Mayor Clark, Mr. Dennis Griffin and the Franklin-Simpson County Industrial Authority, the Barren River Area Development District and the local civic and business communities."
To encourage the investment and job growth in Franklin, the Kentucky Economic Development Finance Authority preliminarily approved Franklin Precision Industry for tax incentives up to $2.65 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.
KEDFA also approved Franklin Precision Industry for tax benefits up to $360,000 through the Kentucky Enterprise Initiative Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
"FPI has been one of the best corporate citizens to locate in Franklin," said Franklin Mayor Ronnie Clark. "Not only are they a large employer, but they have made contributions to our community such as the gazebo located in the courtyard of our historic courthouse as well as beautiful cherry trees throughout our city. We are excited about their continued growth in Franklin."