Gov. Andy Beshear announced that Shinsung ST USA plans to establish a new manufacturing facility in Simpson County, Kentucky. The $53.5 million investment is expected to create 100 new jobs, bolstering the state's manufacturing and technology sectors.
"Manufacturing and technology are both key to Kentucky’s economic success, and Shinsung’s new investment will strengthen these key industries in the commonwealth," Gov. Beshear stated. He added that this venture will offer great job opportunities and stimulate the local economy.
Shinsung ST USA will produce components for energy storage system containers in this facility, anticipated to generate $200 million in annual sales revenue over the next decade. Company leaders are eager to engage with local enterprises and contribute positively to the area's economic landscape.
Simpson County Judge/Executive Mason Barnes expressed enthusiasm for Shinsung's arrival. "This $53 million investment by Shinsung ST USA represents a tremendous opportunity for Simpson County... [It] highlights the attractiveness of our location and infrastructure. We are excited to partner with Shinsung ST USA and support their growth."
In addition, Franklin City Mayor Larry Dixon and Franklin-Simpson Industrial Authority Executive Director Jim DeCesare emphasized the benefits of the investment in terms of economic growth and employment opportunities.
This project enhances a remarkable period of economic growth for Kentucky. Gov. Beshear has announced over 1,100 private-sector projects since taking office, representing more than $35 billion in investments and creating over 60,400 jobs, the highest investment figure during any governor's tenure in Kentucky.
The Kentucky Economic Development Finance Authority preliminarily approved a 10-year incentive agreement with Shinsung under the Kentucky Business Investment program. This agreement, offering up to $1.6 million in tax incentives, is based on the investment and the creation and maintenance of 100 full-time jobs. The average hourly wage, including benefits, is projected at $42.
Additionally, Shinsung is approved for up to $340,000 in tax incentives through the Kentucky Enterprise Initiative Act, allowing recouping of sales and use tax on construction costs, R&D equipment, and electronic processing.
Shinsung will benefit from Kentucky's workforce services, including recruitment and job placement services and customized training incentives.