FRANKFORT, Ky. (Feb. 26, 2015) – Gov. Steve Beshear today announced that NHK of America Suspension Components Inc. (NASCO) is planning a $15 million expansion in Bowling Green.
NASCO will invest $15.2 million to construct a new building next to its existing facility on Nashville Road. The project will be completed in the next two years.
“NASCO demonstrates why Kentucky’s reputation continues to grow as an ideal location for automotive manufacturers and suppliers,” Gov. Beshear said. “We’re thrilled to partner with the company and are excited about this significant expansion in Bowling Green.”
NASCO’s facility will house a compact line for the manufacturing of automotive suspension coil springs. The company also plans to add other equipment for the processing of steel wire used in suspension coils. The new building, which will contain state-of-the-art manufacturing equipment, will allow NASCO to increase its production by 20 percent.
“NASCO continues to add capacity to meet the increased demand of our customers,” said Tom Nunn, NASCO’s plant manager. “This new line has a smaller footprint than our other five lines and provides us greater capability to meet our customers’ needs for new types of springs.”
A subsidiary of the NHK International Corporation, NASCO established in Bowling Green in 1986 and employs 280 people. NHK International, a company based in Japan, also has Kentucky operations in Bowling Green (Topura America Fastener), Louisville (NHK Spring Precision of America) and Franklin (New Mather Materials), employing a combined 1,000 workers.
The Commonwealth is a key player in the international automotive industry. Kentucky’s 465 motor vehicle-related establishments employ nearly 85,000 people.
Over the last five years, nearly 350 motor vehicle-related projects have been announced in the state, representing nearly 20,000 new jobs and more than $4.5 billion in new investment.
Additionally, there are more than 160 Japanese facilities are in Kentucky, employing more than 40,000 people. Japanese companies continue to make significant investments in Kentucky. In the past two years, 52 Japanese companies have announced plans to invest more than $1.3 billion statewide.
“Kentucky continues to lead in automotive manufacturing, and the news of a $15 million expansion is exciting for Bowling Green,” said Sen. Mike Wilson, of Bowling Green. “It is thrilling to see NASCO expand here and continue to be a great asset in the region.”
“This is another great example of the good things going on in Bowling Green and Warren County, so I want to thank NASCO for moving forward with this expansion and our state and local leaders and for their work in making this possible,” said Rep. Jody Richards, of Bowling Green. “This will help add to our reputation in the auto industry and is a further testament to the second-to-none workforce we have.”
“It’s not the number of companies in a community that make a location for success, it is the quality of businesses that thrive there,” said Bowling Green Mayor Bruce Wilkerson. “NASCO exemplifies a company that has garnered not only the community’s respect, but the respect of leaders in the industry around the world. I couldn’t be prouder to say that NASCO is part of the Bowling Green community. I look forward to their leadership as we continue to grow our presence in the automotive industry.”
“NASCO’s expansion announcement is another reminder of the value our industries find in locating facilities in Warren County and south central Kentucky,” said Warren County Judge-Executive Mike Buchanon. “This company has set the standard for what a successful business looks like. I look forward to their continued success.”
To encourage the investment in Warren County, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $100,000 through the Kentucky Enterprise Initiative Act. The program 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.
A detailed community profile for Bowling Green (Warren County) can be viewed here.
The Kentucky Cabinet for Economic Development is the primary state agency responsible for encouraging new jobs and investment in the state. New capital investment announced in Kentucky in 2015 totaled a state record $5.1 billion, spurring more than 16,000 projected new jobs. Information on available industrial properties, workforce development assistance, incentive programs, community profiles, small business development and other economic development resources is available at www.ThinkKentucky.com.