An international trading and manufacturing company recently received preliminary approval for $500,000 in tax incentives under the Kentucky Business Investment Program and is slated to bring 60 new jobs to Boyle County, according to the Cabinet for Economic Development website.
TransNav Technologies, a plastic injection molding company headquartered in Michigan, is in the preliminary stages of creating a 34,400-square-foot facility at an undisclosed Boyle County location. The company plans to invest about $5.5 million into the project. The jobs it would bring to the area would pay an average of $12 per hour.
TransNav was founded in 1981 as a subsidiary of the Canadian-based firm FedNav. Throughout the 1980s and 1990s, TransNav expanded its operations into foreign countries including Mexico, China, Hong Kong, Germany and Austria.
Jody Lassiter, president of the Danville-Boyle County Economic Development Partnership, declined to discuss details of the TransNav project. He acknowledged the public records regarding the tax incentives and said the project should be finalized this year.
An industrial effort that is a “done deal” is the plastic injection molding company Venture Industries, Lassiter said.
The business is investing $450,000 to build a new 7,500-square-foot plant on Shelby Street in Junction City.
Brian Jones, an electrical contractor and entrepreneur who spent more than a decade working for the now-closed Matsushita factory, currently owns the electrical contracting firm Keystone Industrial on Shelby Street. Construction of his upcoming Venture facility should be completed within the next six months; the Venture plant will be adjacent to Keystone Industrial’s offices.
Venture has been approved for $300,000 in state tax incentives. By 2015, Jones plans to have 12 employees earning an average hourly wage of $12.50.
Danville Mayor Bernie Hunstad said both projects will add to the community’s economic development, and he is especially excited about the TransNav effort.
“I believe they will be a strong partner in the community,” Hunstad said. “Plus the creation of so many new jobs just makes it a win-win situation.”