Cooper Standard has announced it will expand its Mt. Sterling, KY, operations in Montgomery County; activity expected to add 120 jobs to an existing workforce of 310 employees.
Headquarted in Novi, MI, Cooper Standard is a leading global automotive supplier, offering solutions in the body sealing, fuel, brake and emissions, thermal management and anti-vibration segments of the industry. It employs over 19,000 people throughout 70-some locations in 18 countries.
The Kentucky Economic Development Finance Authority approved Cooper Standard (formerly Cooper Tire and Rubber) for tax incentives through the former Kentucky Rural Economic Development Act (KREDA) in 1996. Its tax credits, which were set to expire in 2011, were extended for an additional 10 years as a result of House Bill 287.
"The downturn in the automotive industry in recent years forced Cooper Standard to make hard decisions about reducing capacity to cut costs and remain competitive," KY Gov. Steve Beshear said. "Because of the passage of HB 287, Cooper Standard chose to bring additional work to Kentucky and grow its operations here. This is an excellent example of bi-partisan cooperation.allowing us to create jobs and investment in Kentucky."
Passed by the General Assembly during the 2010 regular session, HB 287 impacts companies previously approved for tax incentives through the former KREDA. It gives the state the ability to extend the term of a company's tax incentive agreement for up to 10 years. To be eligible, a company must commit to additional investment or job creation, must be consolidating operations currently located in another state to a Kentucky facility, and must have used less than 60 percent of the credits originally awarded. The total amount of credits available to the company is not increased, but the company is given additional time to recover those credits originally awarded.