Cabinet for Economic Development
Gov. Beshear Announces New Mather Metals to Expand Franklin Facility, Create 20 Jobs
Customer demand sparks expansion, investment of $5.9 million
FRANKFORT, Ky. (May 7, 2012) – Governor Steve Beshear today announced New Mather Metals Inc. plans to add a new production line to its existing operation in Franklin, creating 20 additional jobs and making a $5.9 million investment.
“New Mather Metals is on the way to realizing its goal of becoming the number one stabilizer manufacturer in the nation,” Gov. Beshear said. “We’re very proud of our automotive industry here in the Commonwealth, and New Mather Metals offers a shining example of the successful synergy that exists between automakers, suppliers and the prime location Kentucky offers.”
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.
“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.
“I want to thank New Mather Metals for making this decision, which will provide a much-appreciated boost to our local economy,” said Rep. Wilson Stone, of Scottsville. “I'm pleased to see state and local officials work with the company to help make this possible.”
“We are very pleased that New Mather Metals is expanding once again in our community,” said Franklin Mayor Ronnie Clark. “The 20 new jobs that they are adding to their facility are great opportunities for people in our area and we greatly appreciate their continued growth in Franklin.”
“New Mather Metals was the second industry to locate in our Sanders Interstate Industrial Park 11 years ago and they have been a tremendous addition for Simpson County,” said Simpson County Judge-Executive Jim Henderson. “We certainly welcome the new jobs and investment they are bringing to our area.”
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.
A detailed community profile for Franklin (Simpson County) can be viewed at http://www.thinkkentucky.com/EDIS/cmnty/index.aspx?cw=079.