The operation will be Kaysers first plant in the United States. The companys decision to locate in Kentucky follows Gov. Beshears visit with Kayser officials during an economic development trip to Germany in January. Kentuckys automotive industry continues to grow. So far this year, Kentucky ranks third in light vehicle production in the United States and first on a per capita basis. Just last year, Kentuckys auto production numbers topped one million vehicles, the highest in five years. With nearly 1,800 employees and eight international production sites worldwide, Kayser Automotive produces high-quality modules and ready-to-install systems for automotive original equipment manufacturers and Tier 1 suppliers in America, Asia and Europe. In order to expand and improve service to U.S. customers, the company plans to make modifications to an existing building on Kentucky Avenue in Fulton, where operations will include the fabrication, assembly and testing of metal and plastic components and assemblies. We are happy to locate our new operations in Fulton, said Kurt-Heinz Borth, CEO of Kayser Automotive. The U.S. market is very important to us, and we believe that Fulton, with its skilled employees, will ensure that we continue to live up to our high quality standards.
To encourage the investment and job creation in Fulton, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $3 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 Kayser, visit www.kayser-automotive.com. Information on Kentuckys 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 or follow on Twitter. Watch the Cabinets This is My Kentucky video on YouTube.