Chinese furniture maker picks Marion for U.S. headquarters

Chinese furniture maker Anji Yuankai Furniture Co. Ltd. announced plans Wednesday to establish its U.S. headquarters in Marion,
which could result in the creation of 100 jobs within the next four years.

The upholstered-furniture maker, which operates as Y.K. Furniture, plans to invest $24.3 million to establish its first U.S.
subsidiary, King's Group U.S.A. LLC in space formerly occupied by a Hobby Lobby store. The facility will house assembly-and-distribution
operations.

Gov. Mitch Daniels met with executives of Anji Yuankai during his trip to China last fall and was present at the announcement.

“Just nine months after our initial jobs mission to China, today is more evidence of the results of our overseas efforts,”
he said in a prepared statement. “The relationship between the U.S. and China is perhaps the most important bilateral
relationship in the world right now and we are gratified that Indiana has an active role in establishing bonds of trust and
economic advance for the peoples of both places.”

Established in 1998, Y.K. Furniture operates a manufacturing facility in Zhejiang Province, Indiana's Chinese sister-state. 
The company plans to begin hiring employees for the U.S. subsidiary in October.

The Indiana Economic Development Corp. offered King's Group up to $475,000 in performance-based tax credits. In addition,
the IEDC will provide the city of Marion $200,000 from the Industrial Development Grant Fund toward road improvements needed
at the site.  

The city of Marion negotiated a “favorable” sale price to King's Group for the blighted 12-acre site in return
for short-term rehabilitation, new construction and job creation. King’s Group also will attempt to recruit more Chinese
manufacturers to the site.