The South Korea-based company—which also supplies Tesla—will be located at 2899 Business Park Drive.
The details
Hays County commissioners unanimously approved a Chapter 381 Economic Incentive Agreement on July 16. A Chapter 381 agreement allows counties to negotiate directly with developers and businesses to provide incentives that will encourage developers to build in their jurisdictions, according to the Texas Comptroller's website. The city of Buda is also offering its own incentive, which will consist of a 50% property tax rebate each year for 10 years.
Futronic USA is aiming to begin production by the end of the third quarter in 2025. The company, which began in 1993, has supplied a variety of motors, actuators and controllers to automotive companies across the globe, according to a news release.
The project, also known as "Forward Motion," is anticipated to bring in a capital investment of $17 million, which will include building improvements, fixtures and equipment. The economic development corporation incentive task force also recommended providing $600,000 to encourage job creation, according to the news release.
What they're saying
Jennifer Storm, Buda's economic development corporation CEO, said Buda is about 20 miles from Tesla's manufacturing facility—Giga Texas—which makes Buda the perfect place for Tesla suppliers, such as Futronic.
Shannon Mumley, the economic development corporation's assistant director, said Futronic plans to employ 350 high-paying jobs at full build-out, which would make Futronic Buda's largest employer.
"Buda has a skilled workforce, with a school district that provides robust CTE programming, so this is a real asset for not only our economy but for families and future generations," Mumley said in a news release.
