Asahi Forge of America Corp., a newly-formed division of Asahi Forge Co., Ltd. (Japan) will build a cold press forging factory in Richmond, Kentucky.

Asahi is a manufacturer of press forgings, primarily for the automotive industry. The forgings are used for bearing rings, gears, universal joints and transmission parts.

The factory, Asahi's first in the United States, is a $19 million project to be located in the Richmond Auto Parts Technology Park. Plans call for a 65,000 square foot factory which will initially employ 37 people. Once completed, first-year sales to existing customers are projected to be $3.7 million. The company said it forecasts sales of at least $12 million by 2007.

Asahi said it chose Richmond due to its proximity to Louisville, its existing U.S. customer base, and access to transportation links.