MARION, Ind. (June 9, 2010) - Governor Mitch Daniels joined executives from Chinese furniture maker, Anji Yuankai Furniture Co., Ltd. ("Y.K. Furniture") today to announce the company's plans to establish its U.S. headquarters here, creating up to 100 new jobs over the next four years.
The Chinese company, which manufactures upholstered furniture, plans to invest $24.3 million to establish its first U.S. subsidiary, King's Group U.S.A., LLC, at 1500 S. Western Ave. in Marion - space formerly occupied by Hobby Lobby. The facility will house assembly and distribution operations for King's Group.
"Just nine months after our initial jobs mission to China, today is more evidence of the results of our overseas efforts," said Daniels, who met with executives from Anji Yuankai Furniture Co. Ltd. during his trip to China last fall. "The relationship between the U.S. and China is perhaps the most important bilateral relationship in the world right now and we are gratified that Indiana has an active role in establishing bonds of trust and economic advance for the peoples of both places."
Established in 1998, Y.K. Furniture operates a manufacturing facility in Zhejiang Province, Indiana's Chinese sister-state. The company plans to begin hiring associates for the U.S. subsidiary in October in anticipation of the start of assembly and distribution operations.
"Meeting Governor Daniels in China last fall played a big part in considering Indiana. After meeting Mayor Seybold and witnessing his sincerity and passion for the city, combined with an optimal location, the decision was a natural fit," said Jin Jianguo, owner of Y.K. Furniture. "The concept for the Global Marion Center then quickly evolved. I am very excited to get started with this U.S. project."
The Indiana Economic Development Corporation offered King's Group up to $475,000 in performance-based tax credits. In addition, the IEDC will provide the city of Marion $200,000 from the Industrial Development Grant Fund toward road improvements needed at the site. The city of Marion has negotiated a favorable sale price to King's Group of the currently blighted 12-acre site in return for short term rehabilitation, new construction and job creation in concert with establishment of the "Global Marion Center" by King's Group to recruit more Chinese manufacturers.
"The city of Marion sees this as the beginning of a large partnership not only with Y.K. Furniture and King's Group, but with manufacturers throughout China, " said Mayor Wayne Seybold. "Since meeting Mr. Jin last fall in China and making the commitment to do this project in Marion, he has become a very good friend to the city. This concept will be a great conduit to overseas businesses establishing a foothold in the U.S. market. For example, we have already been back to China to meet with other potential partners in this effort and it is already showing signs of fruit before the first dollar of renovation begins. This is part of our overall international strategy to diversify the Marion economy."
This is the most recent announcement in a string of Indiana-China partnerships. Lt. Governor Becky Skillman is currently on a 10-day trade mission focused on the agriculture sector to Beijing and Indiana's sister province of Zhejiang. Two weeks ago, the IEDC opened its first satellite office in Zhejiang, followed by the U.S.-China Advanced Technology Vehicle Summit held in Indianapolis, and an agreement between Indiana's EnerDel and Wanxiang, the largest auto parts producer in China. The governor met with Wanxiang officials during his 2009 trip to China.
Earlier today Governor Daniels joined executives from technology services firm, Miller Consulting Group to announce the company will expand its operations in Noblesville, creating up to 230 new jobs by the end of 2013.
About Kings Group U.S.A., LLC
Kings Group U.S.A., LLC is the U.S. subsidiary of Anji Yuankai Furniture Co. Ltd., a professional manufacturer of furniture. The Company, which operates under the name Y.K. Furniture, was established in 1998 and has steadily built a reputation of good quality manufacturing.
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Mitch Roob serves as the chief executive officer of the IEDC. For more information about IEDC, visit www.iedc.in.gov.
Matthew Levy (Baker & Daniels/Kings Group U.S. Counsel) - 317.237.1114 or Matthew.Levy@bakerd.com
Darren Reese (City of Marion) - 765.662.9931 or firstname.lastname@example.org
Blair West (IEDC) - 317.232.8873 or BWest@iedc.in.gov
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