Covering The Economy

Sep 25, 2012 9:53 AM

Company Locating Facility In Richmond; Will Bring 45 Jobs

Thunder Tool & Manufacturing Ltd. has purchased a 30,000-square-foot facility in Richmond. The company plans to create 45 new, full-time jobs and invest $2.2 million in the project.

Gov. Steve Beshear announced the project Tuesday morning.

"Thunder Tool is a tremendous success story out of Canada, and we're thrilled it chose Kentucky as the place to begin its growth in the United States," Beshear said. "We're proud to partner with Thunder Tool and welcome 45 new jobs and a multi-million dollar investment in the Commonwealth."

Thunder Tool began in 1965, as a small tool and die shop and has grown into one of the leading metal stamping companies in Canada. The Thunder Tool facility will be in the Richmond Industrial Park South II, off Duncannon Lane.

"When the opportunity arose for us to put our facility in the United States and expand our presence in North America, we were excited that Richmond, Kentucky had everything we were looking for," President and CEO of Thunder Manufacturing USA Inc. Singh Hansra said. "Richmond has a strategic location, sound workforce and business-friendly local government."

To encourage the investment and job creation in Richmond, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $650,000 through the Kentucky Business Investment program. The performance-based 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.

"I am pleased to welcome Thunder Tool to Richmond and to the United States," Sen. Jared Carpenter, of Berea said. "The people of our community are hard-working and hospitable. I know we can offer a productive partnership."

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