Summit Polymers Will Invest $37.5M In Kentucky
Tier-one automotive supplier Summit Polymers will locate its third Kentucky facility in Anderson County, and create 218 new jobs.
Summit Polymers Inc. (SPI) will build a $37.5 million manufacturing facility in Anderson County, KY, creating 218 full-time jobs. Michigan-based SPI designs and manufactures decorated and assembled automotive interior components, and employs more than 3,000 workers ay 15 locations worldwide.
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. It will support SPI’s business with automotive manufacturers in Kentucky and neighboring states, with potential for future expansion. Construction on the project will begin soon, with completion scheduled for June 2023. SPI currently operates two facilities in Kentucky, in Mt. Sterling and Elizabethtown.
Summit Polymers Plastics (Photo: Summit Polymers Inc.)
“Our roots in Kentucky run deep. This new Lawrenceburg facility reinforces our commitment to the longstanding partnerships we’ve shared,” said Scott McAllister, director of new business development and material systems, SPI. “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.”
More than 525 automotive-related facilities currently operate in Kentucky, employing over 100,000 residents. Since the start of Governor Andy Beshear’s administration, the sector has seen more than $9.1 billion in new investments and creation of over 10,700 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,” said Gov. Beshear. “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 Kentucky Economic Development Finance Authority (KEDFA) has preliminarily approved a 10-year incentive agreement with SPI 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; andPaying 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.
SPI can also receive support from Kentucky’s workforce service providers, including no-cost recruitment and job placement services, reduced cost customized training and job-training incentives.
“Kentucky Utilities is pleased to support the growth and expansion of Summit Polymers Inc.,” said LG&E and KU President John Crockett III. “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.”