Cabinet for Economic Development
Governor Beshear Announces Expansion of Topura America Fastener in Bowling Green
Expansion to create 30 new jobs, more than $9.3 million investment in the Commonwealth
BOWLING GREEN, Ky. (June 2, 2010) – Gov. Steve Beshear today joined company and community leaders in Bowling Green to announce the expansion of Topura America Fastener. A manufacturer of automotive and industrial fasteners, Topura America Fastener will add 30 new jobs in phases over the next three years, bringing their total employment at the Bowling Green plant to 95. Additionally, the company will invest $9.34 million as a result of the expansion and continual improvement in processes and technology.
“Topura America Fastener’s expansion is a good example of Kentucky’s strength in the automotive supplier industry,” said Gov. Beshear. “The creation of 30 new jobs and a multi-million dollar investment that will more than double the size of the company’s Bowling Green plant will have a significant impact on the entire region.”
Topura America Fastener will be adding 96,000 square feet to its existing 71,966 square-foot facility. The company will also install new equipment and make other improvements that will allow them to increase manufacturing capabilities and improve product flow.
“Topura America Fastener is extremely excited about today’s announcement and for the opportunity of organizational growth in a challenging economic time period,” said Darrell Oakley, Topura executive vice president. “The expansion will secure an increase in both job opportunities and process investments for today and long term. We appreciate everyone’s support during this process, especially that of Governor Beshear, the Kentucky Cabinet for Economic Development and the Bowling Green Area Chamber of Commerce.”
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved Topura America Fastener for tax incentives up to $675,000 through the Kentucky Business Investment program. The incentive can be earned over a 10-year period through corporate income tax credits and wage assessments.
KEDFA also approved the company for up to $75,000 in tax benefits through the Kentucky Enterprise Initiative Act, an incentive program that allows approved companies to recoup Kentucky sales and use tax on the cost of construction materials, building fixtures and equipment used for research and development.
“Bowling Green congratulates Topura on their announcement today,” said Bowling Green Mayor Elaine Walker. “Their expansion reflects the great working environment and strong work ethic we enjoy here in South Central Kentucky.”
“It’s another great day here in South Central Kentucky because of today’s announcement,” said Warren County Judge Executive Michael Buchanon. “We thank Topura for their continued commitment to doing business here.”
More information on Topura America Fastener can be found at http://www.topuraaf.com. 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.