FRANKFORT -- Kentucky landed a $38 million investment from a Japan-based automobile fuel tank component manufacturer that will create 100 new jobs in Marion County, Gov. Steve Beshear announced.
The state has approved up to $2.5 million in tax credits for Fuel Total Systems to construct a 140,000 square foot building said Larry Hayes, Kentucky's acting secretary of the economic development cabinet. This comes amid increasing uncertainty from Wall Street about the availability of credit for companies and individuals alike as wary banks and lenders exert more caution. Economists have warned that increasing credit constriction could even sideline expansions of economically-sound companies. Hayes said Kentucky hasn't had any companies pull out of economic development negotiations yet. "They're kind of holding and waiting to see what will happen," he said. "We're continuing to do our planning and evaluation." The ground breaking on Fuel Total System's plant in Lebanon., is expected to take place in mid-November, Hayes said. The 100 jobs will pay wages of $13-an-hour or more, or $20-an-hour or more when health and other benefits are factored in, Beshear said. Kentucky officials didn't know when the plant would start accepting job applications or how the process will work.