Feature Photo: Street view of the 66,000 square-foot facility located at 2899 Business Park Drive. Image: Google Streets.
Posted: 9-11-2024
Buda (Hays County) — A South Korean manufacturer of electric vehicle parts has selected the city to open its first American location, according to the Buda Economic Development Corporation.
Futronic USA Inc., a leading manufacturer of motor vehicle transmission and powertrain parts, selected Buda in part because of the city’s proximity to two international airports and cutting-edge companies such as Samsung and Tesla’s manufacturing facility, Giga Texas.
“The collaboration between Buda EDC, Greater San Marcos Partnership and Opportunity Austin helped bring this to fruition, which shows how targeted economic development efforts can lead to substantial benefits for both businesses and communities,” said Buda EDC CEO Jennifer Storm.
Futronic USA will be located at a 66,000 square-foot facility at 2899 Business Park Drive that was recently vacated. The company will pay $11 million to acquire the building and an additional $17 million to improve the building for its proposed use including fixtures and equipment.
“With over 3 million square feet of industrial spec space coming online, Buda is open for business,” said Storm.
The building acquisition is estimated at $11 million with a capital investment of $17 million, which includes fixtures, equipment, and building improvements. Buda EDC’s Board of Directors and Buda City Council approved $600,000 in incentives to ensure Futronic’s move, which will result in more jobs.
Buda EDC Assistant Director Shannon Mumley has worked for the past nine months to secure this RFP win. “Futronic will be Buda’s largest employer, with an estimated 350 jobs over the county median wage,” said Mumley.
The Buda EDC incentive will help to reactivate this building as quickly as possible. Futronic expects to finish out the space by the end of 2024 and begin production in late 2025.
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