New Mather Metals Inc. will invest $5.9 million to improve its Franklin, Kentucky manufacturing complex, adding a production line and initially creating an estimated 20 jobs.
The firm produces solid and tubular stabilizer bars for use in the automotive and off-road industry at Sanders Interstate Industrial Park at Interstate 65 and Highway 100. The company, which currently employs 300 people at its Simpson County plant, has experienced a recent increase in customer demand.
"We are very excited to have a solid customer base and strong sales allowing us to expand in this economy," said Hidefumi Yoshimua, New Mather Metals president and Chief Operating Officer. "We are committed to Franklin, Simpson County and the surrounding communities from which we garner our workforce. We appreciate all of the support we have received from the community and look forward to continuing a long-standing, positive relationship."
"New Mather Metals is on the way to realizing its goal of becoming the number one stabilizer manufacturer in the nation," Gov. Steve Beshear said. "We're very proud of our automotive industry here in the Commonwealth, and New Mather Metals offers a shining example of the successful synergy that exists between automakers, suppliers and the prime location Kentucky offers."
A package of incentives included, the Kentucky Economic Development Finance Authority preliminarily approving the company for tax incentives up to $500,000 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 pleased that New Mather Metals is expanding once again in our community," said Franklin Mayor Ronnie Clark. "The 20 new jobs that they are adding to their facility are great opportunities for people in our area and we greatly appreciate their continued growth in Franklin."