The abatement covers $3.4 million in new equipment to be installed at its plant on Kitchel Road this year.

The new equipment is needed to keep the local plant competitive within the industry and among other NSK facilities, plant manager Brian Grissom said. The company employs 203 workers from Union and surrounding counties, Grissom said.

“They’ve been a good corporate citizen here in the county,” Councilman Russel Rude said Thursday. “I don’t see why we would turn them down.”

The tax abatement will save the bearing manufacturer about $107,000 in personal property taxes over the 10-year period, according to information the company provided. NSK pays more than $300,000 a year in real estate and personal property taxes.

The county’s abatement of $20,558 in the first year should qualify as a local match for possible grant funds from the Lawrenceburg Regional Economic Development Grant program. Mark Gardner, NSK accounting manager, said the company hopes to receive $20,000 and would contribute $5,000 to the local economic development group.

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