China-Based Triangle Tyre Plans Kingsboro, North Carolina, Manufacturing Plant
Triangle will make Edgecombe County in North Carolina the home of its two-phase tire manufacturing facilities, a passenger tire facility as phase one and a commercial tire facility as phase two. The company expects to complete both phases by 2023. Once both facilities reach production capacity, Triangle expects to produce six million tires annually.
"Triangle Tyre strongly believes that the project will blossom with beautiful flowers and bear the most abundant fruits in the U.S., a developed nation on wheels," said Mr. Ding Yuhua, Chairman of Triangle Group and Triangle Tyre. "We will give back the fruits to the people of North Carolina with our utmost sincerity."
Triangle’s development in Edgecombe County will be facilitated, in part, by a Job Development Investment Grant approved by the state legislature’s Economic Investment Committee. Over the course of the 12-year term of this grant, the project will grow the state’s economy by an estimated $2.4 billion.
Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $20.1 million, spread over 12 years.
State payments only occur following performance verification by the N.C. departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
The company has also been awarded a performance-based grant from the One North Carolina Fund for up to $16 million. The One N.C. Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All One NC grants require a matching grant from local governments, and any award is contingent upon that condition being met.
“Triangle Tyre chose North Carolina for its first-ever manufacturing center outside of China because they know our workers share their commitment to innovation, education and excellence,” Governor Roy Cooper said. “I’m excited to see these 800 skilled manufacturing jobs go to Eastern North Carolina where I grew up and raised my family, a place where people have an unshakeable dedication to getting the job done.”
“Triangle Tyre is bringing a state-of-the-art manufacturing facility to Kingsboro, North Carolina, giving the region and our entire state a new and highly advanced manufacturing capacity the likes of which we haven’t yet seen in North Carolina,” said North Carolina Commerce Secretary Anthony M. Copeland. “These are quality, efficient, well-paying jobs that require specific skills, and our communities are ready to support people who want the training required to get these jobs.”
Trends in Office and Industrial Parks
Another Look at Rural Economies
Supply Chain Execs Respond as Pandemic Creates E-Commerce Surge
The Future of the Workforce Is a “Better Normal”
Workforce Q4 2020
Recruiting and Retaining Today’s Manufacturing Workforce
Workforce Q4 2020
2019 Leading Metro Locations: Pacific and South-Atlantic Metros Dominate the List