Lane Report reported on the move by Funai Electric to the Lexmark campus in Lexington, which will see the company employ up to 50 staff with an average salary of $100,000. The company based at the site will be called Funai Lexington Technology Corporation, and will be a subsidiary of the global technology company.
The company purchased Lexmark’s inkjet technology assets in April last year, and the site will "support research and development in the inkjet and microfluidic technologies", with an investment said to be worth around $4.2 million to the state of Kentucky.
In return, the Kentucky Economic Development Finance Authority "preliminarily" approved tax incentives for Funai worth around $1.2 million through its Kentucky Business Investment program, a performance-based incentive that allows companies to "keep a portion of their investment over the term of the agreement through corporate income tax credit and wage assessments".
Kentucky Governer Stever Beshear stated: "This is a prime example of an innovative company teaming up with an innovative and high-tech workforce. Kentucky’s reputation for employing educated and skilled workers is gaining the attention of companies around the world. We are very excited to welcome Funai to the commonwealth, and we look forward to seeing Funai Lexington Technology Corp. grow into a global leader."
Kiyoshi Chinzei, Officer and General Manager of Funai Electrics' Office Solution Business Unit, added: "Funai Lexington Technology Corp. is a critical development resource for the Funai Electric Company Limited. This new company will continue research and development in the inkjet and microfluidic technologies."
"We expect this company will lead great success for us to be one of global leaders in the new business opportunities. We are pleased with the technology resources available in Lexington and the support of the Commonwealth of Kentucky."
In turn, Bob Quick, President and CEO of Commerce Lexington Inc. noted: "Lexington is excited to welcome Funai Lexington Technology Corp. to our technology community. Lexington was recently ranked in the top 25 high-tech hotspots in America, and Funai's decision to locate in our city is a testament to our educated workforce, low cost of doing business and innovative spirit."
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Source: Funai Electric to open facility in Lexington after buying Lexmark inkjet technology
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