Summit Polymers Inc., a designer and manufacturer of automotive interior components, plans to invest $37.5M in Anderson County, Kentucky to construct a manufacturing facility and will create 218 full-time jobs.
“It is always great to see companies grow in our state, and it is even better when that growth reaches into new communities,” Gov. Beshear said. “SPI has had a strong presence in the commonwealth for more than three decades, and this new Lawrenceburg operation will position the company for even bigger things in the future. Thank you to SPI’s leadership for your continued commitment to Kentucky and our residents.”
The new 140,000-square-foot facility on approximately 40 acres along the U.S. Route 127 Bypass in Lawrenceburg will conduct plastic injection molding, paint applications and assembly operations. The new location will support the company’s business with automotive manufacturers in Kentucky and neighboring states, with potential for future expansion. Work on the project will begin in the coming weeks, with completion scheduled for June 2023. SPI currently operates two facilities in Kentucky, with its Mt. Sterling and Elizabethtown locations in operation for more than 30 years.
“Our roots in Kentucky run deep. This new Lawrenceburg facility reinforces our commitment to the longstanding partnerships we’ve shared,” said Scott McAllister, SPI’s director of new business development and material systems. “The Commonwealth of Kentucky, Anderson County and City of Lawrenceburg have been exceptional in their support for this new project, and we are thankful for this opportunity to conduct business in Lawrenceburg.”
SPI is a family-owned, tier-one automotive supplier and woman-owned business based in Portage, Michigan. The company has been in business for more than 50 years, beginning as a small operation with four machines in founder Jim Haas’ garage. In the decades since, SPI has grown into a global automotive supplier with over 3,000 employees and 15 locations worldwide that designs and manufactures decorated and assembled automotive interior components.
Currently, more than 525 automotive-related facilities operate in Kentucky, employing over 100,000 residents. Since the start of the Beshear administration, the sector has seen more than $9.1 billion in new investments and creation of over 10,700 full-time jobs.
Anderson County Judge/Executive Orbrey Gritton said he looks forward to a successful partnership with SPI.
“What a fantastic announcement. I am so excited to partner with SPI and bring this wonderful opportunity to Anderson County. The investment SPI is making in our community is tremendous,” Judge/Executive Gritton said. “An investment of $37.5 million and the creation of 218 full-time jobs with an average wage of $23.50 including benefits shows their confidence in Anderson County, and I could not be more pleased. This is a huge victory for Lawrenceburg, Anderson County and the state of Kentucky. Thank you for everyone’s efforts to bring this to Anderson County and especially to SPI for choosing our community. We look forward to our future together.”
Lawrenceburg Mayor Troy Young noted the collaboration needed to help make the project possible.
“The City of Lawrenceburg is excited to be a part of SPI’s announcement to locate in our community. This is a great example of what happens when city and county government, along with a strong economic development authority board, works together,” Mayor Young said. “The 218 jobs created by this project will continue to show Anderson County is open and ready for business.”
Anderson County Forward Board Chair Amanda Schoonover welcomed the company to Lawrenceburg.
“Anderson County Forward is excited about SPI’s selection of Lawrenceburg, Anderson County,” Schoonover said. “The common vision among the city and county leaders to welcome new industry is evident here. Our board and community leaders are appreciative of the opportunity to open our doors to SPI.”
LG&E and KU President John Crockett III spoke on the utility provider’s ongoing partnership with SPI.
“Kentucky Utilities is pleased to support the growth and expansion of Summit Polymers Inc.,” Crockett said. “We have long supported SPI’s operations in Elizabethtown and Mt. Sterling, and we look forward to being the energy provider for their new Lawrenceburg facility. Our energies go to empowering businesses and growth in the Bluegrass.”
SPI’s investment and planned job creation furthers recent economic momentum in the commonwealth, as the state builds back stronger from the effects of the pandemic.
Site Selection magazine’s annual Governor’s Cup rankings for 2021 recently placed Kentucky atop the South Central region, and third nationally, for qualifying projects per capita.
Gov. Beshear recently announced that on Jan. 28, S&P Global Ratings revised Kentucky’s financial outlook to positive from stable and affirmed its “A-” credit rating. S&P cited a reduced reliance on one-time items to balance the budget and a higher balance in the state’s rainy-day fund as primary factors influencing the change.
That follows a 2021 during which the commonwealth shattered every economic development record in the books. Private-sector new-location and expansion announcements included a record $11.2 billion in total planned investment and commitments to create a record 18,000-plus full-time jobs across the coming years. Kentucky’s average incentivized hourly wage for projects statewide in 2021 was $24 before benefits, a 9.4% increase over the previous year.
Kentucky also saw an all-time, record-setting budget surplus in fiscal year 2021 and entered 2022 with an estimated $1.9 billion more than budgeted.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) today preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $2.8 million in tax incentives based on the company’s investment of $37.5 million and annual targets of:
- Creation and maintenance of 218 Kentucky-resident, full-time jobs across 10 years; and
- Paying an average hourly wage of $23.50 including benefits across those jobs.
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. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, SPI can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced cost customized training and job-training incentives.
For more information on Summit Polymers, visit SummitPolymers.com.
A detailed community profile for Anderson County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
Read about other key updates, actions and information from Gov. Beshear and his administration at governor.ky.gov, kycovid19.ky.gov and the Governor’s official social media accounts Facebook, Twitter and YouTube.