The Franklin City Council has approved two tax abatements for a South Korean manufacturer planning to build a new stamping plant in the Johnson County city. Our partners at the Daily Journal report the $30 million facility for Daechang Seat Co. could create 100 jobs by 2024.
Plans for the 250,000-square-foot facility were first announced earlier this month. The plant will be located near 40 Linville Way in Franklin, near the new headquarters for G&H Orthodontics, which is expected to open later this year.
The publication says the abatements will save Daechang an estimated $2.5 million. The company will still be required to pay more than $2.8 million in property taxes, as well as a 2% economic development fee to the Franklin Redevelopment Commission.
“This truly a team effort. They had been searching statewide … They found the Linville Way site and pretty much narrowed it down to here and another place. They liked what they saw in Franklin,” Dana Monson, community development specialist for the city, told the Daily Journal. “One of the advantages we had is the labor (market). We all know that labor is tight here, but it is tight everywhere. Companies are investing in their companies and finding their employees here, we draw employees from a broad area.”
Daechang manufactures metal seat components for the automotive industry and has existing facilities in Indianapolis and Alabama. The new jobs will pay an average of $17.50 per hour and the company plans to begin hiring next year.