MARION, IN -- Anji Yuankai Furniture Co. Ltd. ("Y.K. Furniture") announced it will establish its U.S. headquarters in Marion, 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, in a 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 Gov. Mitch 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."
Y.K. Furniture was established in 1998 and 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.
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."
Read the Indiana Economic Development Corporation's press release.
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