Cabinet for Economic Development
Gov. Beshear Celebrates Expansion of Akebono Brake in Glasgow
Japanese automotive supplier to create 224 new jobs, invest $20.6 million
GLASGOW, Ky. (Sept. 15, 2011) – Governor Steve Beshear today joined community leaders and officials from Akebono Brake in Glasgow to unveil a major expansion at its Barren County facility. The $20.6 million project, which added 60,000 square feet to its existing facility, is expected to result in 224 new jobs in the Commonwealth.
“Akebono Brake Corporation has had a longstanding presence in Kentucky and continues to be a strong corporate citizen,” Gov. Beshear said. “This significant expansion of the company’s Glasgow operation means hundreds of new jobs for our citizens and a more than $20 million investment in our state. We are proud to have world-class companies such as Akebono Brake continue to make investments in their Kentucky facilities and look forward to years of future partnership and growth.”
Akebono Brake, Glasgow Plant was established in Barren County in 1995 and supplies brakes and brake components to a variety of tier 1 automotive makers. Following the expansion, the Glasgow facility will total almost 400,000 square feet and employ more than 920 Kentuckians. The company also has its North American headquarters and a manufacturing plant located in Elizabethtown, Ky.
“Akebono is grateful to the Commonwealth for providing the incentives to make this project possible,” said Kaz Matsumoto, Akebono’s president and CEO. “This latest expansion demonstrates Akebono’s continued commitment to growing its presence in the Commonwealth, which we have been proud to call home for more than 25 years.”
The Kentucky Economic Development Finance Authority preliminarily approved Akebono Brake for tax incentives up to $4 million through the Kentucky Business Investment program. The performance-based incentive allows the 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.
“Akebono has shown unparalleled commitment to our region, from their 2006 headquarters move to Elizabethtown to a previous Glasgow expansion,” said Sen. David Givens, of Greensburg. “Today's announcement of more than 200 jobs first celebrates the quality of the workforce they have found in Kentucky. Additionally, in today's global economy, where competition is fierce, such expansion clearly indicates southcentral Kentucky has the necessary infrastructure, quality of life and competitive environment that successful companies like Akebono demand.”
“This is great news that could not come at a better time for our local economy,” said Rep. Johnny Bell, of Glasgow. “I want to thank Akebono for taking this major step forward, because it says a lot about our community and the quality of the company’s workforce here.”
“Since 1995 Akebono has been a significant part of the Glasgow economy,” said Glasgow Mayor Rhonda Trautman. “With this new $20 million expansion comes many more high-paying jobs for our community. The city of Glasgow is thankful for their commitment to our community and also wants to thank Gov. Beshear and the Kentucky Cabinet for Economic Development for financial incentives to assist in this expansion.”
“Barren County has enjoyed a longstanding community relationship with Akebono, and we look forward to working with them as they continue to grow and provide secure economic opportunities for our citizens,” said Barren County Judge-Executive Davie D. Greer. “We anticipate a continued cooperative working association with Akebono for many years to come.”
For more information on Akebono Brake, visit www.akebono-brake.com/english/index.html.
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.
A detailed community profile for Glasgow (Barren County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=062.