Magna Seating, an operating unit of Magna International, designs, develops and manufactures technologically advanced automotive seating systems. The company will manufacture seating and seating components to support Ford’s C520 program at the Louisville Assembly Plant.
“The location of Magna Seating further enhances Kentucky’s reputation as a leader in the automotive industry,” Gov. Beshear said. “It also demonstrates the ripple effect Ford’s presence and continued growth has on the rest of the state. Magna Seating’s nearly $20 million investment and the creation of 450 new jobs within the next few years is something the entire Commonwealth can be excited about. We look forward to a partnership with Magna Seating that will flourish for years to come.”
Kentucky is currently home to 440 automotive-related industries that employ nearly 68,000 people. Additionally, Kentucky ranks third highest in auto industry-related employment as a percent of total state employment among the top motor vehicle producing states in the U.S.
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“On behalf of Magna Seating, I want to thank the city of Shepherdsville, Bullitt County and the Commonwealth of Kentucky for their ongoing support and collaboration on this project,” said Magna Seating President Mike Bisson. “They have helped make it possible for us to come here and establish this operation, and we are excited for the opportunity to support our customer Ford and their Louisville Assembly Plant.”
At full employment, Magna Seating’s presence is expected to have an estimated economic impact of $90.6 million on the state’s GDP, while spurring 742 additional indirect and induced jobs in the state.
To encourage the increased investment and job creation in Bullitt County, the Kentucky Economic Development Finance Authority amended the preliminarily approval of tax incentives for Magna Seating. The company is now eligible for up to $8.5 million 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.
For more information on Magna Seating, visit www.magna.com.
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