State officials on Thursday announced that an automotive supplier in Florence in Northern Kentucky will invest $95.8 million to expand, adding 374 jobs over the next three years.
ZF Steering Systems will construct two new buildings in Florence, according to a news release. They will total 175,000 square feet and are expected to be complete by summer.
Company officials said in a statement that the investment will help meet increased demand for their products.
The Kentucky Economic Development Finance Authority has approved the company for up to $7.5 million in tax incentives. In general, when a company is approved for tax incentives, it can keep that amount of money, which it would otherwise pay in taxes, assuming it fulfills the terms of the deal.