TMS Automotive Locates Operations Center In Bowling Green, Kentucky
Currently, TMS Automotive washes parts at its Elizabethtown facility for suppliers in Kentucky and across North America. Adding a facility in Bowling Green will put TMS Automotive in closer connection with Bowling Green Metalforming and Cannon Automotive, allowing those businesses to curtail shipping costs, economic development officials said. With TMS Automotive’s Elizabethtown location operating at full capacity, the additional facility also will allow the company to take on a much larger demand for products.
“We are excited about the opportunity to move closer to our customers in Bowling Green and to foster a relationship with the community,” said Michael Hall, President of TMS Automotive. “We look forward to a bright future and the growth this new location will allow.”
As an incentive to encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminary approved the company for tax incentives up to $400,000 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.
In addition, TMS Automotive was preliminarily approved by KEDFA for $25,000 in tax incentives through the Kentucky Enterprise Initiative Act. KEIA 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. TMS Automotive also 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 has a vibrant automotive industry, contributing some $14 billion to Kentucky’s economy, and companies like TMS Automotive are an essential part of that,” said Governor Steve Beshear. “I want to congratulate TMS Automotive on its growth, as another example of a successful automotive company in Kentucky.”
“Not only does the Transpark attract new companies to our region, but it’s the expansion of our existing industries that truly speaks to the benefits of South Central Kentucky,” said Mayor Bruce Wilkerson. “Our automotive manufacturing community is growing because of the confidence and investments of the current businesses. We congratulate TMS on their decision to locate here and send well wishes for their continued growth.”
Vigilent Labs Plans $104.6 Million Headquarters & Operations Campus in North Charleston, South Carolina
Glock Manufacturer GS Performance Relocates Headquarters & Operations to Nashville, Tennessee
The New Normal in the Automotive Supply Chain
2020 Auto/Aero Site Guide
Why are Foreign Trade Zones Making a Comeback?
2019 Top States for Doing Business: Georgia Ranks #1 Sixth Year in a Row
34th Annual Corporate Survey & the 16th Annual Consultants Survey
Infrastructure Investment as an Economic Stimulus Tool
The Next Recovery: Regional Leaders & Laggards