Japan-Based Taica Cubic Printing Plans Clark County, Kentucky, Manufacturing Plant
Taica plans to add to its existing 63,000-square-foot facility with a 25,000-square-foot expansion and the purchase of five injection molding machines across two phases. The added space would allow for in-house production of substrates currently purchased from other sources, increasing efficiency and lowering operating costs.
"The success we have achieved is thanks to the great contribution of our Kentucky team members. The support that Governor Beshear, the KEDFA board, Clark County and the City of Winchester have provided gives us confidence to move forward with our second investment on the same site," said Yasuhiro Kanai, president of Taica Cubic Printing Kentucky. "We hope and expect that this will not be our last expansion in the commonwealth. Kentucky is a great place to live and work. Our goal is for Taica Cubic Printing Kentucky to continue to grow and mature to the level of an excellent company in Kentucky."
The Winchester facility became operational in 2013 and since has exceeded the company's initial projections for wages and job growth. In 2014, Taica was approved for state tax incentives for its initial investment in Kentucky, projected to create 30 jobs at an average hourly wage of $22. Currently, the company employs 44 Kentuckians at an average wage of more than $26 per hour.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $300,000 in tax incentives based on the company's investment of $4.4 million and annual targets of creation and maintenance of 20 Kentucky-resident, full-time jobs across 10 years and paying an average hourly wage of $26.08 including benefits across those jobs.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments. In addition, Taica can receive resources from the Kentucky Skills Network.
"Despite the challenges facing nearly every industry this year, Kentucky's automotive strength continues to be apparent," Governor Andy Beshear said. "Companies like Taica Cubic Printing Kentucky have taken these challenges head-on while remaining committed to the future. I'm thrilled Taica's future includes Kentucky, and I hope to see even bigger things for the company in the years ahead."
The Kentucky operation is a subsidiary of Tokyo, Japan-based Taica Corp., which was founded in 1948 and has operated under its current name since 2006. In 1984, the company developed Cubic Printing, a hydrographic printing process that involves floating a special printed film on water and using water pressure to transfer a printed pattern onto a substrate material.
Kentucky's automotive industry includes more than 520 automotive suppliers, such as parts and components manufacturers, tool-and-die operations, service and tech companies, and four automotive assembly plants. In total, the industry employs nearly 101,000 people full time. In addition, nearly 200 Japanese-owned manufacturing, service and technology facilities currently operate in the commonwealth, employing approximately 47,000 Kentucky residents, making it the state's top international investor.
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