(November 17, 2017) Frankfort,
Gov. Matt Bevin
announced today Taeyang Metal Industrial Co. Ltd., which makes
fasteners and cold-rolled steel products for the automotive
industry, will invest nearly $15.6 million and create 76 full-time
jobs to establish a manufacturing plant in Franklin, the company’s
first in the United States.
“Taeyang is a
well-respected, global company in the automotive industry and we are
grateful that its executives have selected Kentucky for their
initial US operation,” Gov. Bevin said. “We are confident Taeyang
will find success in Simpson County, thanks to the pro-business
environment that exists across Kentucky. We thank the company for
investing and creating jobs in the commonwealth and look forward to
building a strong partnership in the years ahead.”
build a 101,000-square-foot facility on a 30-acre site near I-65 in
Simpson County. Construction is expected to begin in December and
the facility is scheduled to open by September 2018. The Franklin
location will allow the company to better serve its customers in the
US and expand its global market with production of cold-headed
products and metal fasteners for the automotive industry.
is very excited about locating our new plant in Franklin, Kentucky,”
said Howard Hahn, Taeyang president and CEO. “We look forward to a
successful partnership with the State of Kentucky and the City of
Franklin, and continuing growth in this community. We will
contribute to the regional economic development, which we hope will
benefit the entire region.”
South Korea in 1974, Taeyang has become a leading supplier of
fasteners and cold-forged products, including high-strength bolts,
specialty fasteners and screws for automotive and other industrial
markets. Since 2004, the company has expanded to operations to China
and India. Taeyang’s customers include Fiat Chrysler Automobiles,
General Motors, Hyundai/Kia, Cummins Diesel Engine, DMAX, Allison
Transmission and Metaldyne.
automotive industry, a pillar of the economy, employs 100,000 people
full-time and includes more than 500 manufacturing, service and
technology facilities across the state. This year the state ranks
third nationally in production of passenger vehicles and first in
vehicles produced per capita.
joins the state’s international business community, a group of
nearly 500 facilities employing 105,000 people. The consortium
represents 34 nations including three other Korean-owned companies.
Givens, of Greensburg, said he is eager to see the company and
community work together.
“I am excited
to welcome Taeyang Metal Industrial Co. to our nation with its first
manufacturing plant right here in Franklin,” Sen. Givens said. “Our
community is looking forward to partnering with the company, and I
know this organization will find great success with the help of
Stone, of Scottsville, said the arrival of Taeyang shows that
business development efforts are paying off.
“I’m proud to
welcome Taeyang Metal Industrial Co. to Franklin and stand ready to
do all I can to help make it feel right at home as it settles into
its new American location,” Rep. Stone said. “This announcement
speaks volumes about the work we’re doing locally and at the state
level to attract businesses like this, and I am glad to be part of
the team helping to make this announcement possible.”
Ronnie Clark noted the significance of the project.
“The City of
Franklin is pleased that Taeyang Metals will be building a
101,000-square-foot plant in our Henderson Interstate Industrial
Park,” Mayor Clark said. “This is the first plant in the United
States for Taeyang Metals, and we are honored that the company has
chosen our community for this important company investment. We look
forward to their growth and success in Franklin.”
Judge-Executive Jim Henderson welcomed the region’s first investment
from a Korean-owned company.
marks the first Korean company to locate a manufacturing facility in
Franklin,” Judge-Executive Henderson said. “Simpson County has
numerous corporations from both Asia and Europe that have located in
our area and we believe that more such companies will locate here in
the future. The jobs that Taeyang Metals will be providing will
continue to enhance our local and state economy.”
the investment and job growth in the community, the Kentucky
Economic Development Finance Authority (KEDFA) in September 2016
preliminarily approved the company for tax incentives up to $2
million 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.
Taeyang can receive resources from the Kentucky Skills Network.
Through the Kentucky Skills Network, companies can receive no-cost
recruitment and job placement services, reduced-cost customized
training and job training incentives. In fiscal year 2017, the
Kentucky Skills Network provided training for more than 120,000
Kentuckians and 5,700 companies from a variety of industry sectors.
information on Taeyang, visit www.taeyangmetal.com/english/.
For more information, contact
Industrial Authority Executive Director Dennis Griffin at 270-586-4477