Buda Economic Development Corporation Lands First Electric Vehicle Supplier, Futronic USA Inc., to Buda, Texas / Texas EDC

FOR IMMEDIATE RELEASE

Sept. 3, 2024

Buda Economic Development Corporation Lands First Electric Vehicle

Supplier, Futronic USA Inc., to Buda, Texas

BUDA, Texas — Buda Economic Development Corporation (EDC) is proud to

announce that Futronic USA Inc., a South Korean manufacturer of electric

vehicle parts, selected Buda, Texas as their first location in the United States

in a highly competitive field of communities.

This significant achievement marks a major milestone for Buda EDC as it is

the first electric vehicle parts supplier in Buda. “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 is a leading manufacturer of motor vehicle transmission and

powertrain parts. Part of Buda’s appeal to advanced manufacturers such as

Futronic is the city’s proximity to two international airports and cutting-edge

companies such as Samsung and Tesla’s manufacturing facility, Giga Texas.

Futronic’s move to Buda launches a new era for the city, as an emerging hub

for innovative companies. “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 South Korea-based company will occupy a more than 66,000 square

foot existing commercial space that was recently vacated, and the Buda EDC

incentive will help to reactive this building as quickly as possible. Futronic

expects to finish out the space by the end of 2024 and begin production in

late 2025. “This achievement demonstrates Buda EDC’s mission to create jobs,

stimulate investment, and enhance the economic vitality of the region,” said

City of Buda City Manager Micah Grau.

About Futronic USA Inc.

Founded in 1993, Futronic specializes in manufacturing mechatronics for the

automotive industry. They are a key supplier providing components for

major vehicle manufacturers. The Buda facility will primarily focus on

manufacturing transmission and powertrain components for electric vehicles.

This move is part of Futronic’s broader strategy to strengthen its global

footprint and cater to the growing demand for electric vehicle components.

About Buda Economic Development Corporation

The Buda Economic Development Corporation is dedicated to enhancing the

economic vitality of Buda, Texas, by fostering a thriving business

environment. Through strategic initiatives, partnerships, and support

programs like the Local Enterprise Assistance Program, the Buda EDC works

to attract, retain, and grow businesses that contribute to the community's

prosperity.

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For more information, please contact:

Sarah Hill, Marketing Communications Manager

Buda Economic Development Corporation

sarah@budaedc.com