TMM USA Inc. To Locate Manufacturing Plant In Simpson County, Kentucky
At its Franklin facility, Toyo Automotive Parts makes anti-vibration components including engine mounts, bushings and strut mounts. Company executives expect to save on metal and raw materials, as well as on shipping and storage by locating TMM in house. Currently, Toyo purchases more than 50 percent of those materials from outside suppliers.
TMM will lease 45,000 square feet in the newly expanded Toyo Automotive Parts USA Inc. factory in Franklin, an arrangement expected to save time and expense. A well-recognized name in stamping and welding in its native Japan, the Franklin location marks TMM’s first U.S. facility.
“Toyo Automotive Parts USA is pleased that we can bring TMM to Franklin to support both our operations and the local community,” said Ron Wyans, president of Toyo Automotive Parts. “The addition of TMM inside our facility will surely help improve our operations and create more opportunities in the future.”
“TMM will be an important supplier to one of our major manufacturers, Toyo Automotive Parts,” said Franklin Mayor Ronnie Clark. “We are very pleased to know that this new Japanese company will be creating new jobs and investing several million dollars in equipment in Franklin. This announcement comes at the end of 2015, which has proven to be an exciting year for industrial growth in Franklin.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $360,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
In addition, TMM USA is eligible to receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies are eligible to receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.
“Kentucky’s signature auto manufacturing industry is a major driver of our state economy,” said Gov. Matt Bevin. “The addition of TMM USA improves operations at Toyo Automotive Parts and further solidifies Kentucky’s standing as a prime destination for the nation’s automotive industry. It is a testament to the quality of Simpson County’s workforce and further indication that Kentucky is open for business.”
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