Cabinet for Economic Development
Governor Beshear Announces Expansion of Magna Car Top Systems in Bowling Green
Roof system specialist to design, develop and produce soft tops for Chevrolet Camaro, invest more than $950,000 and create 30 new jobs in Kentucky
BOWLING GREEN, Ky. (Aug. 23, 2010) – Gov. Steve Beshear today joined company and community officials in Bowling Green to announce the expansion of Magna Car Top Systems, a supplier of roof systems for the automotive industry . The company -- a division of Magna Steyr, which is an operating group of Magna International -- will invest more than $950,000 in new equipment, retooling and facility modifications, and create 30 new jobs as a result of the expansion.
The expansion stems from a recent award by General Motors to Magna Car Top Systems to design, develop and produce the Chevrolet Camaro convertible soft top. Magna Car Top Systems plans to locate the project at its existing Bowling Green facility, where the soft top for the Chevrolet Corvette is also assembled. GM’s Bowling Green Assembly Plant is the sole manufacturing plant of the iconic Chevrolet Corvette, which is also the official state sports car of Kentucky.
“The expansion of Magna Car Top Systems in Bowling Green will not only create 30 new jobs and a more than $950,000 investment in the Commonwealth, but will further enhance Kentucky’s reputation as a leading location for automotive-related production,” said Gov. Beshear. “We’re pleased to partner with Magna Car Top Systems on this expansion project and look forward to being a part of their future growth and success.”
To help attract this investment, the Kentucky Economic Development Finance Authority preliminarily approved Magna Car Top Systems for up to $662,800 in tax benefits through the Kentucky Business Investment program. The performance-based incentive can be earned over a 10-year period through corporate income tax credits and wage assessments.
“On this project we have been fortunate to collaborate with many talented and committed people in the Commonwealth of Kentucky, people who understand our business and help us achieve common goals,” said Günter Fritz, managing director of Magna Car Top Systems. “Kentucky recognizes the need for business-friendly programs, and as a result we’re pleased to be able to bring additional jobs and investment to the Bowling Green area.”
Magna Car Top Systems, which currently employs 18 people in Bowling Green, plans to begin manufacturing the Chevrolet Camaro convertible soft top in the first quarter of 2011.
“Congratulations to Magna Car Top Systems. This company has been an outstanding corporate citizen throughout their tenure in this community. We thank them for their continued commitment to South Central Kentucky and their new investment in Bowling Green. We look forward to watching them grow,” said Warren County Judge Executive Michael Buchanon.
“We’re excited to participate in this announcement today,” added Bowling Green Mayor Elaine Walker. “Magna’s commitment to the region is evident in their plans to create new jobs and investment in Bowling Green. We congratulate them on this decision.”
A detailed community profile for Bowling Green (Warren County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=067. Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.