Riken Elastomers Corp., a subsidiary of Riken Technos Corp., will manufacture high quality thermoplastic elastomer compounds used within the automotive industry at their new manufacturing facility in Hopkinsville, Ky. The Japanese company will initially create 24 new jobs and invest $19.8 million in the new facility.

The project represents a joint venture between Riken Technos Corporation and Mitsubishi Corporation. Established in 1951, Riken Technos began with a PVC compounding plant in Tokyo. The company has grown by adding manufacturing capabilities and sales offices in Japan, Thailand, Indonesia, China and the U.S. The company currently has 1,476 employees worldwide with $608 million in sales.

"Our domestic sales of thermoplastic elastomer compound have been steadily increasing, centering on the automotive area, and are expected to accelerate in the future in both Japan and North America," said Mr. Koichi Kinoshita, President of Riken Technos Corporation. "To meet this growing demand and maintain the quality of our current supply system, we have decided to establish this joint venture in Hopkinsville, Kentucky in cooperation with Mitsubishi Corporation."

Riken Elastomers will construct a new 57,802 square-foot facility on 24 acres in the Commerce Industrial Park, which is strategically located to supply the company's products to Japanese-owned car parts manufacturers in the U.S. The plant is expected to be operational by July 2007.

The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved Riken Technos Corp. for tax benefits up to $900,000 under the Kentucky Rural Economic Development Act (KREDA), an incentive program designed to increase employment in the state.

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