A manufacturer of anti-vibration auto parts, Toyo Automotive Parts plans to invest $6 million to expand and modernize its facility in Franklin, Kentucky.
Toyo Automotive plans to purchase new rubber mixing equipment, which will allow the company to internalize some processes it currently outsources. Other planned investments will modernize and expand the 165,000-square-foot facility in the Sanders Interstate Industrial Park in Simpson County.
“We are pleased to bring this rubber mixing process into our facility,” said Ron Wyans, Toyo’s Plant Manager. “This expansion of our processes and improvements in others will certainly improve our competitive position and will lead to new business for us here in Franklin. That opportunity will help us secure our future for many years to come.”
Toyo Automotive started in Japan in 1945 and has produced anti-vibration auto parts in Kentucky since 2002. The company is a primary provider for manufacturers such as Toyota and Nissan. Toyo Automotive also exports parts around the world.
“We are excited to see Toyo Automotive grow in Kentucky with the creation of new jobs and an investment of more than $6 million in Franklin, adding to the company’s footprint in the Commonwealth,” said Governor Steve Beshear. “Our automotive industry continues to stand out as one of the best in the nation, and we owe a lot of that success to quality suppliers such as Toyo Automotive.”
As an incentive, to encourage the investment and job growth in Simpson County, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives of up to $150,000 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 extremely excited about Toyo’s expansion,” said Franklin Mayor Ronnie Clark. “Toyo was our Industry of the Year in 2013, and this marks its third expansion since locating in our community over a decade ago. We are very pleased with the new jobs that they are bringing to Franklin.”