19 August 2013

Mitsui Kinzoku Catalysts America to invest $19.5 million and create 50 new jobs in Kentucky

Frankfort, Ky. – 19 August 201 – Japan-based automotive supplier Mitsui Kinzoku Catalysts America Inc., a subsidiary of Mitsui Mining & Smelting Co. Ltd., plans to establish a manufacturing operation in Frankfort, Kentucky. The company anticipates creating 50 new, full-time jobs and investing $19.5 million in the Commonwealth.

To meet demand in the United States, Mitsui Kinzoku plans to lease an existing building on Hoover Boulevard in Frankfort to manufacture catalytic converters for automobiles and motorcycles. The company hopes to begin operations by July 2015.

Kentucky maintains economic development offices in Hamburg, Germany and Tokyo, Japan, which work to cultivate new and existing relationships with foreign companies such as Mitsui Kinzoku. There are more than 150 Japanese-owned companies in Kentucky, employing more than 37,000 people. Mitsui Kinzoku will also add to Kentucky’s automotive industry, which employs nearly 80,000 people at more than 450 motor vehicle-related facilities.

To encourage the investment and job creation in Frankfort, the Kentucky Economic Development Finance Authority preliminarily approved the company 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.

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 2012 totaled nearly $2.7 billion with the creation of more than 14,000 new jobs. 

Source: The Kentucky Cabinet for Economic Development