Nisshin Auto Tubing Invests $7.1 Million To Expand Versailles, Kentucky, Manufacturing Plant
07/30/2012
"One of the key goals of my administration's economic development efforts is to keep our existing companies competitive, and we're thrilled to partner with Nisshin Automotive Tubing to ensure its lasting success in the Commonwealth," Gov. Steve Beshear said. "We're excited to see this growth in a company that plays an important role in one of Kentucky's key industries - the automotive sector."
Nisshin manufactures stainless steel tubes for automobile exhaust systems. As part of the expansion the plant will also produce gas tank filler systems for the automotive industry. The plant will install new equipment, such as a cutting machine and tubing mill.
"This expansion will not only increase our company's capacity, but will also increase locally produced products which will be used in place of imported steel," said Hiroshi Okamura, president Nisshin Automotive Tubing LLC.
Nisshin Automotive Tubing's parent company is Japan-based Nisshin Steel, which produces products such as; coated steel, stainless steel, hot and cold rolled ordinary steel, and processed steel products such as roofing and siding.
While job creation estimates were not immediately available, as an incentive to encourage its investment, the Kentucky Economic Development Finance Authority preliminarily approved Nisshin Automotive for tax benefits up to $75,000 through the Kentucky Enterprise Initiative Act. The Act allows companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
"I am excited that Nisshin is expanding its Versailles facility and adding new equipment," said Sen. Julian M. Carroll, of Frankfort. "This investment will provide new opportunities for the community, and we will continue to reap the rewards of economic growth and jobs. I also applaud Gov. Beshear for taking the lead to support our industry, their employees and their families."
"Five years ago, we visited Nisshin Steel in Japan to convey our appreciation for Nisshin's investment in Versailles," said Mayor Fred Siegelman. "Again, we applaud Nisshin's decision to expand operations in our community and give thanks to Gov. Beshear and the Cabinet for Economic Development for their assistance."
Project Announcements
JDSAT Expands Fairfax County, Virginia, Operations
04/25/2024
Trussworks Mid-America Plans Jackson, Missouri, Manufacturing Operations
04/25/2024
Epic Flight Academy Establishes Hebron, Kentucky, Operations
04/25/2024
EPC-Columbia Expands Lebanon, Kentucky, Plastic Injection Molding Operations
04/25/2024
Daisy Brand Plans Boone, Iowa, Production Operations
04/22/2024
Canfor Expands Fulton, Alabama, Production Operations
04/22/2024
Most Read
-
2023's Leading Metro Locations: Hotspots of Economic Growth
Q4 2023
-
2023 Top States for Doing Business Meet the Needs of Site Selectors
Q3 2023
-
38th Annual Corporate Survey: Are Unrealized Predictions of an Economic Slump Leading Small to Mid-Size Companies to Put Off Expansion Plans?
Q1 2024
-
Making Hybrid More Human in 2024
Q1 2024
-
Manufacturing Momentum Is Building
Q1 2024
-
20th Annual Consultants Survey: Clients Prioritize Access to Skilled Labor, Responsive State & Local Government
Q1 2024
-
Public-Private Partnerships Incentivize Industrial Development
Q1 2024