Business and the Economy
Employer Breaks Ground on Richmond Expansion
RICHMOND - Local leaders and company officials of Asahi Bluegrass Forge in Richmond held a ribbon-cutting for the company’s new 70,000-square-foot manufacturing facility Wednesday. The new plant, located at 3007 Bill Robertson Way, represents a $20.3 million investment and the creation of 50 full-time jobs. Asahi Bluegrass Forge’s parent company is Asahi Forge Corporation, a Japanese company that specializes in producing such automotive parts as hub units, gears, transmission components, bearings and joints.
To encourage the investment and job growth in Richmond, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $1 million through the Kentucky Business Investment program.
KEDFA also approved Asahi Bluegrass Forge for tax benefits up to $120,000 through the Kentucky Enterprise Initiative Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
“We are honored that Asahi Forge made the decision to build a second manufacturing plant in Richmond,” Richmond Mayor Jim Barnes said in a news release from Gov. Steve Beshear's office. “Asahi has been a valuable member of our industrial community since 2003. We have always had an excellent working relationship with Asahi and look forward to continuing that relationship. We are grateful to them for employing our citizens. I hereby pledge that the city of Richmond will support and assist them in every way possible to assure their success.”
Kentucky is currently home to more than 440 automotive-related industries that employ more than 68,000 people.