South Carolina gained another investment in its effort to recruit some of the world’s largest tire manufacturers.
Singapore-based Giti Tire Group announced Monday that it will build a new 1.8 million square-foot light truck and passenger tire plant at a site in Richburg. The company says the $560 million project will create up to 1,700 jobs in the next 10 years.
“This is a key milestone for Giti Tire and an important part of our growth strategy worldwide,” Giti Tire executive chairman Enki Tan said in a statement. “Existing business and strong demand for Giti Tire’s passenger and light truck tires in North America has made this significant investment in South Carolina possible.”
It will be the first American facility for the world’s 13th-largest tiremaker based on 2013 sales revenue.
Gov. Nikki Haley, Congressman Mick Mulvaney, state Commerce Secretary Bobby Hitt, and other dignitaries were in attendance for Monday’s announcement.
Hitt noted that Giti’s announcement is the latest for global tire manufacturers expanding with new plants in South Carolina, along with Michelin, Bridgestone, Continental. “Today we welcome South Carolina’s fifth OEM tire manufacturer, which further bolsters our state’s reputation as a manufacturing powerhouse and the nation’s tire capital,” Hitt said.
A Department of Commerce spokeswoman said Giti was helped by a $37.8 million grant from the agency’s Closing Fund for land acquisition and site prep. The Rural Infrastructure Authority also approved a $2 million grant for water and sewer on-site.