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Governor Steve Beshear was represented recently by Cabinet for Economic Development Secretary Larry Hayes as community and company officials of Asahi Bluegrass Forge Corporation in Richmond broke ground on the company’s new 69,000 square-foot manufacturing facility. The new plant, which will be located at 3007 Robertson Way, will result in the creation of 50 new jobs and a more than $20.3 million investment in the Commonwealth.
“This is an exciting development for Richmond, one that will further strengthen the Commonwealth’s deep roots in the automotive industry,” said Gov. Beshear. “We are pleased to have played a role in making this significant investment possible and look forward to working with Asahi Bluegrass Forge as they establish their presence and grow in Richmond.”
The Japanese-owned company will specialize in press forging for the automotive industry, producing parts such as gears, bearings and joints, as well as transmission parts. Asahi Bluegrass Forge anticipates hiring to begin in October and for the plant to be operational by early 2012.
To help make this project possible, the Kentucky Economic Development Finance Authority preliminarily approved Asahi Bluegrass Forge for tax incentives up to $1 million through the Kentucky Business Investment program. The performance-based incentive allows the company to keep a portion of its investment over a 10-year period through corporate income tax credits and wage assessments by meeting job and investment targets.
“We’re proud in Madison County to provide the opportunity and great workers that will allow Asahi to expand and invest even more in our community,” said Sen. Jared Carpenter, of Berea.
“Given these tough economic times, this is certainly great news for Richmond and Madison County,” said Rep. Rita Smart, of Richmond. “Our community has really pulled together to make announcements like this possible, and because of that, we have the infrastructure and the workforce that industries like Asahi Bluegrass Forge are looking for. We will continue seeking out jobs like these because they are so critical to our future.”
“On behalf of all the citizens of Madison County we are elated that Asahi has chosen the Richmond Industrial Park,” said Madison County Judge Executive Kent Clark. “I say day in and day out that Madison County is the best place to work, get a quality education, retire and we are overjoyed with their decision to locate their new facility here.”
“We are honored that Asahi Forge made the decision to build a second manufacturing plant in Richmond,” added Richmond Mayor Jim Barnes. “Asahi has been a valuable member of our industrial community since 2003. We have always had an excellent working relationship with Asahi and look forward to continuing that relationship. We are grateful to them for employing our citizens. I hereby pledge that the city of Richmond will support and assist them in every way possible to assure their success.”
For more information on Asahi Forge Corporation, visit www.asahiforge.co.jp/en/.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.
A detailed community profile for Richmond (Madison County) can be viewed at http://www.thinkkentucky.com/edis/cmnty/index.aspx?cw=001.
About the Kentucky Cabinet for Economic Development
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 2009 totaled nearly $ 977 million with the creation of more than 6,600 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at www.ThinkKentucky.com.
