Japan-based Auto Parts Manufacturer Invests $20.5 Million On Second Kentucky Plant, Creating 50 Jobs
Asahi Bluegrass Forge's parent company is Asahi Forge Corporation, a Japanese company that specializes in producing automotive parts, including hub units, gears, transmission components, bearings and joints.
"The Asahi Forge Group is pleased to announce the official opening of Asahi Bluegrass Forge Corporation located in Richmond at 3007 Bill Robertson Way," said Asahi Bluegrass Forge Corporation vice president Makoto Ishigaki. "We would like to thank Gov. Steve Beshear and the Commonwealth, as well as Lt. Gov. Abramson and Richmond Mayor Jim Barnes for their support."
To encourage the investment and job growth in Richmond, the Kentucky Economic Development Finance Authority approved the company for tax incentives up to $1 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 Asahi Bluegrass Forge for tax benefits up to $120,000 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.
"Kentucky has a sterling reputation in the auto industry, and it's because of companies like Asahi Bluegrass Forge," said Rep. Rita Smart, of Richmond. "I want to thank the company for making this investment in our community and for creating these much-needed jobs. I also appreciate the cooperative spirit from local and state officials who worked together to help make this happen."
"We are honored that Asahi Forge made the decision to build a second manufacturing plant in Richmond," said Richmond Mayor Jim Barnes. "Asahi has been a valuable member of our industrial community since 2003. We have always had an excellent working relationship with Asahi and look forward to continuing that relationship. We are grateful to them for employing our citizens. I hereby pledge that the city of Richmond will support and assist them in every way possible to assure their success."
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