The Japan-based global electronics firm Funai Electric Co., Ltd., will open a subsidiary, Funai Lexington Technology Corporation, on Lexington’s Lexmark International campus in April, bringing up to 50 jobs to the area with an average annual salary of $100,000.
The new subsidiary will support research and development in inkjet and microfluidic technologies, which involve the use of engineering, science and technology to design systems for handling small volumes of fluid.
The corporation represents a $4.2 million investment in the Commonwealth, according to a media release from Gov. Steve Beshear’s office.
“This is a prime example of an innovative company teaming up with an innovative and high-tech workforce,” said Beshear. “Kentucky’s reputation for employing educated and skilled workers is gaining the attention of companies around the world.”
Funai acquired Lexmark’s inkjet technology assets in April 2013, including 1,000 patents and a manufacturing facility in the Philippines. The company has been a design and contract manufacturer for Lexmark International since 1997.
The Kentucky Economic Development Finance Authority has preliminarily approved the company for tax incentives of up to $1.2 million through the Kentucky Business Investment program, to be provided through corporate income tax credits and wage assessments based on the company’s ability to meet job and investment targets.
“Lexington was recently named one of the 10 smartest cities in the country, so it’s clear our quality of life and highly educated workforce attract high-tech companies,” said Lexington Mayor Jim Gray in a media release.