Riken Elastomers Corporation Lands In Hopkinsville
Governor Ernie Fletcher and Economic Development Cabinet Secretary Gene Strong were in Christian County last month to announce the location of Hopkinsville’s newest corporate citizen. Riken Elastomers Corporation, a subsidiary of Riken Technos Corporation, chose Christian County as the home of its new manufacturing facility. The Japanese company, which will produce high quality thermoplastic elastomer compounds used within the automotive industry, will initially create 24 new jobs and invest $19.8 million in the commonwealth.
“The location of Riken Elastomers Corporation is a great success for Christian County and the state of Kentucky,” said Governor Fletcher. “Kentucky has enjoyed a very positive relationship with the Japanese business community over the years and this announcement adds to that success.”
The project represents a joint venture between Riken Technos Corporation and Mitsubishi Corporation. Established in 1951, Riken Technos began with a PVC compounding plant in Tokyo. The company has grown by adding manufacturing capabilities and sales offices in Japan, Thailand, Indonesia, China and the U.S. The company currently has 1,476 employees worldwide with $608 million in sales.
“Our domestic sales of thermoplastic elastomer compound have been steadily increasing, centering on the automotive area, and are expected to accelerate in the future in both Japan and North America,” said Mr. Koichi Kinoshita, President of Riken Technos Corporation. “To meet this growing demand and maintain the quality of our current supply system, we have decided to establish this joint venture in Hopkinsville, Kentucky in cooperation with Mitsubishi Corporation.”
Riken Elastomers will construct a new 57,802 square-foot facility on 24 acres in the Commerce Industrial Park, which is strategically located to supply the company’s products to Japanese-owned car parts manufacturers in the U.S. The plant is expected to be operational by July 2007.
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved Riken Technos Corporation for tax benefits up to $900,000 under the Kentucky Rural Economic Development Act (KREDA), an incentive program designed to increase employment in the state.
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