German automotive supplier to open factory in Murray | Business
MURRAY, KY (KFVS) – Governor Steve Beshear joined company and local officials to announce iwis, a German automotive supplier, plans to establish its first U.S. manufacturing operation in Murray.
The Governor says the project will create 75 new, full-time jobs and entail a more than $12.5 million investment in the Commonwealth.
Gov. Beshear met with officials from iwis (pronounced ee-vis and written in lower case) to discuss the potential project during an economic development trip to Germany during the summer.
“I was very optimistic after meeting with iwis officials in Germany, and I’m thrilled with their decision to locate in Kentucky,” said Gov. Beshear. “This company further enhances Kentucky’s thriving automotive industry, and 75 jobs will have a powerful impact on the community, not only now, but for generations to come.”
Formed in Germany in 1916, iwis, a family-owned company, first began with success in the production of bicycle chains, and eventually became the iwis Group, a global technology leader in high-quality automotive and industrial chains.
The company now has more than 1,000 employees at 22 facilities worldwide and plans to operate a 119,000-square-foot facility, located off U.S. Highway 641 North in Murray.
Employees at the facility will manufacture timing drive systems for engines, and the operation will start at the end of 2013 and will ramp up production in 2014.
“iwis is proud to come to Murray,” said iwis Managing Director Johannes Winklhofer. “On behalf of my team, including Martin Kohn with global production and Holger Frank with U.S. sales, we have to say thank you for the great support of Gov. Beshear and his team at the Kentucky Cabinet for Economic Development; without them iwis would not be here. Also, special thanks to Mark Manning and the members of MCEDC, whose support made this a very easy decision.”
To encourage the investment and job creation in Murray, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $2.5 million through the Kentucky Business Investment program.
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.
For more information on iwis, visit www.iwis.com.
Copyright 2012 KFVS. All rights reserved.