JAPANESE AUTOMOTIVE PARTS COMPANY TO OPEN FIRST U.S. OPERATIONS IN OHIO COUNTY

Beaver Dam, KY -- Governor Paul E. Patton and Economic Development Secretary Gene Strong returned last week from a business trip to Japan, and today announced that Ritatsu Manufacturing, Inc., would open a facility in Ohio County. The company will supply Toyotetsu in both Somerset and Owensboro with small stamped and welded automotive parts. This will be their first U.S. operation and they plan to be in production by the first quarter of 2004.

While in Japan, Governor Patton and Secretary Strong met with Ritatsu Manufacturing, Inc., President, Mr. Hidekazu Suzuki, who said he was "pleased and impressed with the enthusiasm, efficiency and warm support of the community and the state of Kentucky."

The project represents an investment of $3.1 million and 30 jobs by year three with an average wage of $13.95 per hour. They will purchase five acres in the Bluegrass Crossing Regional Business Park and build a 30,000 square foot facility.

"Kentucky continues to be recognized as having one of the top business climates in the nation and Ritatsu Kogyo's commitment to bring jobs to the state is indicative of Kentucky's ability to attract global companies, stated Governor Patton.

Ritatsu Manufacturing received preliminary KREDA approval at the May 29th KEDFA Board meeting. Ritatsu Manufacturing will be a wholly owned subsidiary of Ritatsu Kogyo Co., Ltd. Ritatsu Kogyo was established in 1964 in Toyota City, Aichi, and they have 85 employees.

The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for creating new jobs and new investment in the state. New business investment in Kentucky in 2002 totaled more than $3.2 billion with the creation of nearly 13,000 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at www.thinkkentucky.com.