Lexington, KY - Automotive supplier Mitsui Kinzoku Catalysts America Inc. will create 50 new, full-time jobs and invest $19.5 million as it plans to establish a manufacturing operation in Frankfort.
To meet demand in the United States, Mitsui Kinzoku, a subsidiary of Mitsui Mining & Smelting Co. Ltd., plans to lease an existing building in Frankfort to manufacture catalytic converters for automobiles and motorcycles. The company hopes to begin operations within 24 months.
There are more than 150 Japanese-owned companies in Kentucky, employing more than 37,000 people, according to a release from Governor Steve Beshear’s office. The automotive industry in Kentucky employs nearly 80,000 people at more than 450 motor vehicle-related facilities.
The Kentucky Economic Development Finance Authority preliminarily approved Mitsui Kinzoku 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.
“Mitsui Kinzoku’s decision to locate and do business in Frankfort is a most welcome addition to our area,” said Frankfort Mayor William May in a release from the Governor’s office. “It further proves that Frankfort can provide the skilled workforce new companies are seeking for their operations.”