Business

Japanese tech firm to open Lexington office, create 50 high-paying jobs

Funai Electric Co. will open a Lexington subsidiary employing as many as 50 people with an average wage of $100,000 a year, Gov. Steve Beshear's office announced Thursday.

The Lexington technology company will be a subsidiary of the Japan-based multibillion-dollar global electronics company.

Funai Lexington Technology Corp. will support research and development in inkjet and microfluidic technologies, according to a news release. Microfluidics is the use of engineering, science and technology to design systems in which small volumes of fluids will be handled.

The company will be on the Lexmark International campus in Lexington.

"Lexmark wishes the best of luck to Funai with their inkjet business, and we think this is great news for the commonwealth," said Jerry Grasso, a Lexmark spokesman. "As you may remember, we already share our campus with Xerox's ACS, and this has worked out just fine. Also, Funai has long been a partner of Lexmark, and we look forward to continue working with them here in Lexington."

Funai announced its acquisition of Lexmark's inkjet technology assets in April.

Lexington Mayor Jim Gray called Funai's research center "one more example of the attraction of high-tech companies to our quality of life and their recognition of local talent."

The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives of as much as $1.2 million through the Kentucky Business Investment program. The incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.

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