Kentucky is currently home to 446 automotive-related industries that employ more than 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.
New Mather Metals has been operational in Franklin since 2002, and produces solid and tubular stabilizer bars for use in the automotive and off-road industry. The company, which currently employs 300 people at its Simpson County plant, has experienced a recent increase in customer demand.
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“We are very excited to have a solid customer base and strong sales allowing us to expand in this economy,” said Hidefumi Yoshimua, president and COO of New Mather Metals and NASCO. “We are committed to Franklin, Simpson County and the surrounding communities from which we garner our workforce. We appreciate all of the support we have received from the community and look forward to continuing a long-standing, positive relationship.”
To encourage the investment and job growth in Franklin, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $500,000 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.
For more information on New Mather Metals, visit www.newmathermetals.com.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky.
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