CLARK Material Handling has announced plans for a $4.8 million expansion of its Lexington facility, in a move that is expected to create 30 full-time jobs and increase the company’s Lexington production by more than 200 percent.
Clark has purchased a 4-acre land parcel, including a multi-purpose building, adjacent to its Lexington facility, and the company plans to begin producing its four-wheel electric ECX and its three-wheel electric TMX model forklift trucks in Lexington in May 2016. Those models were previously manufactured in Mexico.
“The investment CLARK is making today in its Lexington manufacturing operations is a direct result of the significant increase in business opportunities CLARK has experienced over the past two years,” said Dennis Lawrence, CLARK’s president and chief executive officer, in a media release. “The expansion of manufacturing operations in North America solidifies CLARK’s long-term commitment to its dealers and customers, while providing additional employment opportunities for central Kentuckians.”
With the expansion, CLARK’s Lexington facilities will now encompass more than 162,000 square feet, and the company has predicted further expansions in North America, Brazil and Europe.
Clark was approved preliminarily for tax incentives up to $400,000 through the Kentucky Business Investment program by the Kentucky Economic Development Finance Authority (KEDFA). The performance-based incentive allows companies to keep a portion of their investments over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
CLARK was also approved preliminarily for $100,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA), which allows companies to recoup state sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
CLARK first opened its Lexington facility in 1974 and relocated its headquarters to Lexington in 1985. Owned by South Korea’s Young An Corporation, the company has produced more than 1 million forklifts. In addition to being a global manufacturer of forklift trucks, the company also supplies a wide range of internal combustion and electric trucks and parts through a global distribution network of more than 550 dealers.
For more information on CLARK Material Handling, visit the company’s website at www.clarkmhc.com.