Magna opens US$20 million car seat plant in Kentucky
Magna Seating, a wholly-owned operating unit of Aurora, Ont.-based automotive components manufacturer Magna International Inc., has officially opened its new facility in Shepherdsville, in Kentucky's Bullitt County.
Magna Seating, a wholly-owned operating unit of Aurora, Ont.-based automotive components manufacturer Magna International Inc., has officially opened its new facility in Shepherdsville, in Kentucky’s Bullitt County.
The nearly US$20 million investment is expected to create up to 450 new jobs within the next few years, according to a news release from Kentucky Gov. Steve Beshear.
Magna Seating develops and manufactures automotive seating systems, including seat structure and mechanisms, as well as polyurethane foam and trim products for the global automotive industry.
The company will manufacture seating and seating components to support Ford’s C520 program at the Louisville Assembly Plant.
According to a statement from Kentucky Governor Steve Beshear, the Kentucky Economic Development Finance Authority amended the preliminarily approval of tax incentives for Magna Seating to encourage the increased investment and job creation in Bullitt County. The company is now eligible for up to US$8.5 million 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.
At full employment, Magna Seating’s presence is expected to have an estimated economic impact of US$90.6 million on the state’s GDP, the statement said, while spurring 742 additional indirect and induced jobs in the state.