Riken Technos enters $20 m elastomer joint venture in Kentucky

Hopkinsville, Kentucky -- Riken Elastomers Corp. is spending almost $20 million (€15.7 million) to build a thermoplastic elastomer compound plant in Hopkinsville.

The plant is a joint venture between Riken Technos Corp. -- the Tokyo-based parent of Riken Elastomers -- and Japanese conglomerate Mitsubishi Corp.

The site will cover almost 58,000 square feet (5388.2 sqaure metres) and will employ 24 people.

The new plant will primarily supply Japanese-owned auto parts manufacturers based in the US, according to a statement from Kentucky's Cabinet for Economic Development.

"Our domestic sales of thermoplastic elastomer compound have been steadily increasing, centering on the automotive area, and are expected to accelerate in the future in both Japan and North America," Riken Technos president Koichi Kinoshita said in the release.

Riken Technos, founded in 1951 as a PVC compounder, has annual sales of more than $600 million and employs almost 1,500 worldwide.

From Rubber & Plastics News (A Crain publication)