MURRAY, KY (KFVS) - An auto parts supplier will invest $50 million and create 120 full-time jobs through its first U.S. facility in Murray, Kentucky.
Governor Matt Bevin made the announcement on Thursday, December 7.
"We are excited to welcome DAE-IL Corp. to Kentucky," Gov. Bevin said. "We are grateful that they chose the commonwealth for their first ever manufacturing operation in the United States. DAE-IL USA will be an excellent addition to our automotive industry and a perfect fit for the dedicated workforce in Calloway County. We look forward to the opening of the new facility and strong growth in Kentucky for years to come."
The manufacturer will build a 295,000-square-foot facility in the Murray West Industrial Park. The Murray location, which will operate under the name DAE-IL USA, will produce gears for the automotive industry.
Construction is expected to begin in December and finish by the end of 2018.
The company, headquartered in Ulsan, South Korea, manufactures and sells powertrain parts for automotive, heavy equipment and motorcycles. Its products include gears, car transmissions and engine parts, heavy equipment products, such as trans axles, drive axles and transmission and excavator products, and motorcycle transmission and engine products.
Its primary export markets include the U.S., China, Europe and Japan.
The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $3 million through the Kentucky Business Investment program. The performance-based incentive allows the company to keep a portion of its investment over the agreement team through corporate income tax credits and wage assessments by meeting job and investment targets.
Additionally, KEDFA approved DAE-IL Corp. for up to $500,000 in tax incentives through the Kentucky Enterprise Initiative Act. This allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
DAE-IL Corp. also can receive resources from the Kentucky Skills Network. Through this, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.