Green Tokai Invests $4.4 Million To Expand its Maysville, Kentucky, Manufacturing Plant
The company, which expects to create 24 jobs in Mason County, manufactures rubber extruded, plastic extruded and injection-molded parts in its 160,000-square-foot facility on Downing Drive that opened in 1996. The 15,000-square-foot expansion will allow the company to purchase new equipment and develop new processes. Construction on the new addition is expected to begin this month and be completed by December.
“We are delighted to be able to work with both the state and local governments to meet Green Tokai’s goal of continued commitment to our community,” said Charlie Sapp, Green Tokai’s Maysville General Manager. “This is an opportunity for Green Tokai and nearly 300 associates at our Maysville facility to have a positive impact on the current economic condition. Our associates, through their commitment to quality and dedicated service, have allowed us this opportunity to add new business. We are excited about the future and look forward to maintaining our role as one of the business leaders in this community.”
“We are excited to see Green Tokai grow in northeastern Kentucky with the creation of two dozen new jobs in Maysville,” 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 Green Tokai. I want to thank the company for its investment and continued support of Kentucky families.”
To encourage the investment and job growth in Mason County, the Kentucky Economic Development Finance Authority preliminarily approved 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.
KEDFA also approved Green Tokai for tax benefits up to $30,000 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.
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