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Injet technology company to open in Lexington
An inkjet technology company is soon planning n opening a facility in Lexington. While it's expected to employ up to 50 additional individuals, each employee will be paid on average $100,000 per year.
Funai Lexington Technology Corp in Fayette County will be a subsidiary of Funai Electric Co. Ltd. in Japan. The new Lexington business will help out with research and development concerning microfluidic and inkjet technologies. It represents a $4.2 million investment.
Many in the region are optimistic about the prospects of Funai. "This is a prime example of an innovative company teaming up with an innovative high-tech workforce," said Kentucky Governor Steve Beshear. Other business leaders in the community believe that the company will be a global leader in a particular area of technology.
Tax incentives were approved for the company of up to $1.2 million. It's believed that performance-based incentives will allow the business to retain a portion of its investment throughout the terms of the agreement. These incentives could include wage assessments and corporate income tax credits.
Lexington has been ranked high as a tech hotspot in the U.S. One business leader complemented our community for having an educated workforce with an innovative spirit that at the same time keeps the costs of doing business low.
Any decision concerning business formation at a particular locale is dependent upon a number of factors. This can include tax ramifications, determinations regarding personal liability exposure, licensing, leasing, etc. Business and corporate law attorneys can provide guidance through the decision-making process. A good business plan can mean the difference between business success and failure.
Source: The Lane Report, "Company that bought Lexmark inkjet technology to open facility in Lexington," Jan. 30, 2014