MAYSVILLE, Ky.—Rubber manufacturer Green Tokai Co. Ltd. will invest $4.4 million to expand its weatherstripping and automotive trim plant in Maysville.
The announcement was made on Aug. 13 by Kentucky Gov. Steve Beshear.
Green Tokai, which manufactures rubber extruded, plastic extruded and injection-molded parts for the automotive industry, will add 15,000 square feet to its existing 160,000-sq.-ft., facility. The company said it will purchase new equipment, develop new processes and create 24 more jobs with the expansion.
Construction will begin later this month and finish by December. The plant opened in 1996.
“Our automotive industry continues to stand out as one of the best in the nation, and we owe a lot of that success to quality suppliers such as Green Tokai,” Beshear said. “I want to thank the company for its investment and continued support of Kentucky families.”
Charlie Sapp, Green Tokai's Maysville general manager, said the expansion “is an opportunity for Green Tokai and nearly 300 associates at our Maysville facility to have a positive impact on the current economic condition.”
The Kentucky Economic Development Finance Authority, through the Kentucky Business Investment program, tentatively has approved $500,000 in tax incentives for Green Tokai, headquartered in Brookville, Ohio. 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.
KEDFA approved Green Tokai for tax benefits up to $30,000 through the Kentucky Enterprise Initiative Act, which 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.
Green Tokai is a subsidiary of Tokai Kogyo Co. Ltd. of Aichi, Japan.