FRANKFORT, Ky.—YH America Inc. plans to add 10 new jobs and invest more than $5 million at its Versailles, Ky., facility.
Kentucky Gov. Steve Beshear made the announcement Dec. 19 about the expansion.
"YH America puts a special emphasis on having the highest standards, and that is evident by the company's successful growth in Versailles, with 10 new jobs and a $5 million investment," said Beshear. "Our automotive industry is vital to our overall economic success, and YH America enhances our economic position and plays an important part of strengthening our network of Japanese-owned companies across Kentucky."
The Versailles facility employs 29. YH America—a subsidiary of Yokohama Rubber Co. Ltd.—supplies high-performance glass-bonding adhesives for automobiles, buses, and military vehicles.
"This is an exciting time for YH America and our division in particular," said Al Harrington, operations manager for YH America. "This expansion will position us to accommodate future business growth while maintaining a consolidated base in Kentucky. Our manufacturing facility in Versailles is centrally located to service our automotive customers, which are located as far north as Canada and as far south as Alabama."
The Kentucky Economic Development Finance Authority approved the company for tax incentives up to $200,000 through the Kentucky Business Investment program, according to the governor's office. The incentive is performance based and allows the company to keep a portion of its investment during the term of the agreement through corporate income tax credits and wage assessments.
KEDFA also approved YH America for tax benefits up to $70,000 through the Kentucky Enterprise Initiative Act. This allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
Kentucky has more than 440 automotive-related facilities employing 72,000 people. With Japanese-owned companies having more than 150 facilities and 34,000 full-time jobs, it is the second-highest Japanese foreign direct investment in the U.S. on a per capita basis, according to the governor's office.