NPR Places its Bet
on Kentucky During the Derby Weekend
Nippon Piston Ring Co., Ltd. (NPR) recently announced its
decision to locate its newest manufacturing facility, NPR Manufacturing
Kentucky, L.L.C., (NMKY) in Bardstown. Kicking off the coveted Kentucky
Derby Weekend, NPR President Fumiaki Moriya and newly named NMKY President
Yasuyoshi Egami joined Governor Ernie Fletcher and Secretary Gene Strong to
make the announcement in the Capitol City on May 5.
The $48.7 million Japanese investment will create an initial 50
jobs and approximately 150 jobs within two years of operation. The new
facility, which is expected to be operational by October 2007, will produce
steel piston rings, one of the key automotive engine components.
Company officials anticipate reaching a production capacity of
4 million pieces of piston rings in 2008 and 18 million pieces in 2010 at the
new 200,000 square-foot facility in Nelson County.
"We would like to express our heartfelt thanks to Governor
Fletcher, Secretary Strong and all officials of the state, Nelson County and
Bardstown, who kindly invited us to set up our new plant in Kentucky," said
Fumiaki Moriya, President of Nippon Piston Ring Co., Ltd. "Having carefully
studied the candidate sites in various respects, we found Bardstown to be heads
and shoulders above any other community for our requirements."
Aiming to increase sales of their products to both Japanese
plants and domestic manufacturers, the move to Bardstown will allow the company
to better serve its customers needs expeditiously. The facility will be
the company's third U.S. manufacturing operation.
NPR was preliminarily approved for up to $4 million in tax
benefits by the Kentucky Economic Development Finance Authority (KEDFA) under
the Kentucky Rural Economic Development Act (KREDA), an incentive program
designed to increase employment in the commonwealth.
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