In the midst of a still sluggish hiring season, there is some good news coming out of Northern Kentucky.
ZF Steering Systems is set to bring 374 new jobs to Greater Cincinnati over the next three years.
The new jobs are part of the Florence-based steering component manufacturer's plans for a large expansion. The company, a subsidiary of Germany-based ZF Lenksysteme GmbH, will invest $95.8 million dollars, constructing two new buildings which will add 175,000 sq. ft. to its existing facilities. Construction is set to begin in November and wrap up by summer 2011.
This investment comes as demand for the company's products has jumped. Since 1994, the company's North American HQ has been in Northern Kentucky. ZF Steering makes steering components for cars and SUVs. The company has begun manufacturing new electric steering gear, and is adding capacity meet demand for it.
Pierre Abboud, president & CEO, ZF Steering Systems LLC said the region's skilled manufacturing workforce plays a large role in the company's ability to expand.
"This important investment will allow us to meet the increasing demand for our premium steering components and expand our manufacturing footprint in Northern Kentucky," Abboud said. "The area's skilled workforce and competitive business environment were among the reasons we chose to locate here, and we look forward to continued growth in the region."
This isn't the first time the company has expanded in Northern Kentucky. In 2008, the company expanded and added 175 jobs.
"ZF Steering Systems is adding a significant amount of new jobs in addition to their substantial number of existing employees," Florence Mayor Diane Whalen said.
The Kentucky Economic Development Finance Authority preliminarily approved at $7.5 million tax incentive to encourage the investment. The performance-based incentive can be earned over 10-years by corporate income tax credits and wage assessments.
Writer: Feoshia Henderson
Source: Kentucky Cabinet of Economic Development
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