CLARKSVILLE, Tenn. — More than 120 new industrial jobs are coming to Clarksville-Montgomery County through two business expansions valued at a combined $50 million-plus, the local Industrial Development Board has confirmed.
The IDB has approved the legal documents for two payments in lieu of tax (PILOT) incentives that helped bring about the agreements by Akebono Brake Corp. and Esquire Wire Inc. to grow in this community.
Akebono Brake says it will once again expand its local manufacturing site, while Esquire Wire will occupy a new facility at 2624 Madison St.
“It’s our pleasure to welcome Esquire Wire Inc. to our community and congratulate Akebono Brake Corporation on its third expansion in the Corporate Business Park. It’s a great day when a board’s actions can help contribute to the creation of jobs and investment in Clarksville-Montgomery County,” David Chesney, IDB board chairman, said in a prepared statement.
Akebono Brake, a subsidiary of Tokyo-based Akebono Brake Industry Co., Ltd., a global provider of advanced noise, vibration and harshness and braking solutions to the world’s automotive industry, will move forward on a $48.4 million expansion of its Clarksville location. In the company’s third expansion since acquiring the Robert Bosch LLC plant in 2010, Akebono will add65 to 80 jobs to the community over the next three to four years, bringing the manufacturer’s total workforce to 600-plus, said the local Economic Development Council.
“Akebono’s continued investment in our Clarksville facility is a win-win for the company and our local community,” Tammy Francesckina, the Clarksville plant manager, said in prepared comments. “We can improve our manufacturing processes, increase our depth of manufacturing, and offer our customers a more diversified product portfolio. At the same time, we can positively impact our customers, neighbors, and employees both current and future.”
The PILOT formalized by the IDB board of directors represents real estate tax abatement savings of 57 percent for Akebono Brake over the first nine years of operation for the expansion.
The board also approved legal documents for a PILOT offered to Esquire Wire, a Tennessee-based wire harness manufacturer that serves various industries, including lighting and appliances. With a PILOT representing a 45 percent tax abatement savings, officials said, Esquire Wire will invest nearly $1.8 million in its Madison Street location and create 60 jobs.
“Esquire Wire found a winning combination of location, facilities, affordability and human resources in Clarksville and we’re thrilled to grow our operations in a location that is growing right alongside us,” Esquire Wire's Lisa Moffitt said in prepared comments.
For the IDB, expanding Akebono and adding Esquire Wire represents another industrial score in the overall goal of building on the city's already formidable manufacturing sector.
"These announcements mean the creation of well-paying jobs for the people of Clarksville-Montgomery County, an outcome that has a long-term positive effect on the overall economic stability and growth of our community,” said Mike Evans, executive director of the Industrial Development Board.
Esquire Wire is accepting applications for employment. Job seekers may apply in person at the 2624 Madison St. facility between 8 a.m. and 3 p.m., or call 931-820-1100 for more information.