jobsglobeFRANKLIN, Ky. (11/17/17) —  Gov. Matt Bevin announced today Taeyang Metal Industrial Co. Ltd., which makes fasteners and cold-rolled steel products for the automotive industry, will invest nearly $15.6 million and create 76 full-time jobs to establish a manufacturing plant in Franklin, the company’s first in the United States.

“Taeyang is a well-respected, global company in the automotive industry and we are grateful that its executives have selected Kentucky for their initial US operation,” Bevin said. “We are confident Taeyang will find success in Simpson County, thanks to the pro-business environment that exists across Kentucky. We thank the company for investing and creating jobs in the commonwealth and look forward to building a strong partnership in the years ahead.”

Taeyang will build a 101,000-square-foot facility on a 30-acre site near I-65 in Simpson County. Construction is expected to begin in December and the facility is scheduled to open by September 2018. The Franklin location will allow the company to better serve its customers in the U.S. and expand its global market with production of cold-headed products and metal fasteners for the automotive industry.

“Taeyang Metals is very excited about locating our new plant in Franklin, Kentucky,” said Howard Hahn, Taeyang president and CEO. “We look forward to a successful partnership with the State of Kentucky and the City of Franklin, and continuing growth in this community. We will contribute to the regional economic development, which we hope will benefit the entire region.”

Founded in South Korea in 1974, Taeyang has become a leading supplier of fasteners and cold-forged products, including high-strength bolts, specialty fasteners and screws for automotive and other industrial markets. Since 2004, the company has expanded to operations to China and India. Taeyang’s customers include Fiat Chrysler Automobiles, General Motors, Hyundai/Kia, Cummins Diesel Engine, DMAX, Allison Transmission and Metaldyne.

Kentucky’s automotive industry, a pillar of the economy, employs 100,000 people full-time and includes more than 500 manufacturing, service and technology facilities across the state. This year the state ranks third nationally in production of passenger vehicles and first in vehicles produced per capita.
Taeyang also joins the state’s international business community, a group of nearly 500 facilities employing 105,000 people. The consortium represents 34 nations including three other Korean-owned companies.

“The City of Franklin is pleased that Taeyang Metals will be building a 101,000-square-foot plant in our Henderson Interstate Industrial Park,” Mayor Ronnie Clark said. “This is the first plant in the United States for Taeyang Metals, and we are honored that the company has chosen our community for this important company investment. We look forward to their growth and success in Franklin.”
Simpson County Judge-Executive Jim Henderson welcomed the region’s first investment from a Korean-owned company.”

To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority in September 2016 preliminarily approved the company for tax incentives up to $2 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.

In addition, Taeyang can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. In fiscal year 2017, the Kentucky Skills Network provided training for more than 120,000 Kentuckians and 5,700 companies from a variety of industry sectors.

SurfKY News

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