26 September 2012

Thunder Tool to invest $2.2 million and create 45 new jobs in Richmond, Kentucky

“Richmond has a strategic location, sound workforce and business-friendly local government.” 

Frankfort, Ky. 25 September 2012 – Governor Steve Beshear today announced Thunder Tool & Manufacturing Ltd. has purchased a 30,000-square-foot facility in Richmond. The company plans to create 45 new, full-time jobs and invest $2.2 million in the project. 

“Thunder Tool is a tremendous success story out of Canada, and we’re thrilled it chose Kentucky as the place to begin its growth in the United States,” said Gov. Beshear. “We’re proud to partner with Thunder Tool and welcome 45 new jobs and a multi-million dollar investment in the Commonwealth.” 

Thunder Tool began in 1965, as a small tool and die shop and has grown into one of the leading metal stamping companies in Canada. The Thunder Tool facility will be in the Richmond Industrial Park South II, off Duncannon Lane. 

Kentucky is home to more than 420 internationally based companies from 30 nations, employing approximately 76,000 people. 

“When the opportunity arose for us to put our facility in the United States and expand our presence in North America, we were excited that Richmond, Kentucky had everything we were looking for,” said President and CEO of Thunder Manufacturing USA Inc. Singh Hansra. “Richmond has a strategic location, sound workforce and business-friendly local government.” 

To encourage the investment and job creation in Richmond, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $650,000 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. 

“I am pleased to welcome Thunder Tool to Richmond and to the United States,” said Sen. Jared Carpenter, of Berea. “The people of our community are hard-working and hospitable. I know we can offer a productive partnership.” 

“I think it says a lot about our community’s commitment to economic development when a company like Thunder Tool chooses Richmond for its first North America location,” said Rep. Rita Smart, of Richmond. “I want to thank its leaders for making that decision, and I want to say how much I appreciate the work done by our local and state officials to help make this possible.” 

The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for creating new jobs and new investment in the state. New business investment in Kentucky in 2010 totaled more than $2 billion with the creation of nearly 11,900 new jobs. 

Source: The Kentucky Cabinet for Economic Development