A project dubbed "Forward Motion" is indeed living up to its name after receiving the green light from the Buda City Council and Hays County.
Futronic USA Inc., a leading manufacturer of motor vehicle transmission and powertrain parts and a supplier to Tesla, is setting its sights on the City of Buda for its first-ever US location. The South Korean-based company is eyeing the acquisition of the former Fat Quarter building, spanning 66,250 square feet and situated on the west (southbound) side of I-35, off Business Park Dr.
The building acquisition is estimated at $11M with a capital investment of $17M which will include building improvements, fixtures and equipment. The company estimates it will create at least 200 jobs, with an average wage of $52,000.
The news has Buda Economic Development Corporation CEO, Jennifer Storm excited.
"Buda is about 20 miles from Tesla's manufacturing facility, Giga Texas, making us perfectly positioned for Tesla suppliers like Futronic,” Storm said.
Shannon Mumley, Buda EDC Assistant Director agreed calling the news, “huge.”
"At full build-out, Futronic is planned to employ 350 high-paying positions in our community, which would make Buda's largest employer,” Mumley said. “This is huge! 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."
The recruitment win for Buda EDC is the first in some time.
The EDC Incentive Task Force recommended providing $600,000 to encourage job creation.
It can’t happen soon enough either as Futronic wants to begin finishing out the space by the 3rd quarter of 2024 and begin production a year later, by the end of the third quarter, 2025.
Futronic began in 1993 in automotive electronics. Since then, it has been supplying various types of motors, actuators, and controllers to global automotive companies and continues to develop new products through creative and innovative technology and continuous growth.
Futronic has sophisticated design and manufacturing technology for Mechatronics parts, which is an essential part of EV production.