Mubea, a supplier of lightweight products for automotive chassis, bodies and powertrains, is expanding its operation in Boone County thanks to a $24.3 million investment.
The company is headquartered in Attendorn, Germany, and has more than 14,000 employees in 54 locations worldwide.
Mubea plans to renovate its existing facility at 8252 Dixie Highway to accommodate additional spring wire and coil spring production. The renovation will include updates to the building, investment in production equipment and creating 102 full-time jobs.
“It will be instrumental for our operations and will create new opportunities for our employees and community,” Mubea North America CEO James Sheehan said in a press release. “We look forward to continuing this positive partnership and contributing to the economic vitality of our state.”
Kentucky Gov. Andy Beshear touted the investment as proof the state’s economy remains strong.
“Mubea has been part of the commonwealth’s expansive logistics and distribution sector for more than four decades, and I’m excited to see them continue to grow here,” Beshear said in the press release. “I want to thank the company’s leadership for their continued investment in Boone County and look forward to their success in the community for years to come.”
To aid in Mubea’s expansion, the Kentucky Economic Development Finance Authority preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program.
The agreement can provide Mubea with up to $1.25 million in tax incentives based on the company’s investment of $24.3 million. To qualify for the incentives, the company must hit annual targets such as creating and maintaining 102 full-time jobs for Kentucky residents over the 10-year span and paying an average hourly wage of $35.44 across those jobs.
In addition, the finance authority approved Mubea for up to $50,000 in tax incentives through the Kentucky Enterprise Initiative Act, which allows companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates.