German Automotive Supplier iwis Invests $12.5 Million To Establish Manufacturing Operations in Murray, Kentucky
The company plans to operate a 119,000-square-foot facility at a plant located off U.S. Highway 641 North in Murray. Employees at the facility will manufacture timing drive systems for engines. The operation will start at the end of 2013 and will ramp up production in 2014.
“iwis is proud to come to Murray,” said iwis Managing Director Johannes Winklhofer. “On behalf of my team, including Martin Kohn with global production and Holger Frank with U.S. sales, we have to say thank you for the great support of Gov. Beshear and his team at the Kentucky Cabinet for Economic Development; without them iwis would not be here.
“I was very optimistic after meeting with iwis officials in Germany, and I’m thrilled with their decision to locate in Kentucky,” said Gov. Steve Beshear. “This company further enhances Kentucky’s thriving automotive industry, and 75 jobs will have a powerful impact on the community, not only now, but for generations to come.”
As an incentive to encourage the investment and job creation in Murray, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $2.5 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.
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