The Goodyear Tire & Rubber Company Upgrades Fayetteville, North Carolina, Manufacturing Plant
07/10/2019
The Goodyear Fayetteville plant is approximately 50 years old. The modernization project will enable the company to manufacture high-value-added tires, generally defined as tires 17 inches in diameter and larger.
As a result of this modernization project, Goodyear, one of Cumberland County’s largest private employers, will maintain its important role in the company’s operations and 2,000 North Carolina jobs will be protected, according to state officials.
As an incentive, North Carolina Economic Investment Committee approved a state Job Maintenance and Capital Development Fund grant. Goodyear could receive up to $3 million a year over the life of the JMAC’s grant term, which runs for ten years. Under conditions of the grant, the company must also make at least $180 million in capital improvements at the site in addition to retaining jobs at the plant.
The JMAC Fund is a discretionary incentive program that provides sustained annual grants to businesses that meet the requirements of a major employer or a large manufacturing employer. The JMAC Fund is intended to encourage retention of significant numbers of high-paying, high-quality jobs and large-scale capital investment that will modernize processes and provide more globally competitive projects.
In addition, the JMAC program specifies that the business must either be in a Tier 1 county with at least 320 full-time employees or be in a Tier 2 county with a population of less than 60,000 and employ at least 800 full-time employees. Cumberland County ranks as a Tier 1 county under the state’s county distress tier system.
Project Announcements
Republic Airways Holdings Plans Tuskegee, Alabama, Training Operations
04/18/2024
South Africa-Based Radel Plans Winston-Salem, North Carolina, Operations
04/18/2024
Firestone Industrial Products Expands Dyersburg, Tennessee, Operations
04/18/2024
Samsung Electronics Expands Taylor, Texas, Chip-Manufacturing Operations
04/18/2024
OMCO Solar Plans Huntsville, Alabama, Production Operations
04/18/2024
Martco-RoyOMartin Upgrades Allen Parish, Louisiana, Operations
04/18/2024
Most Read
-
2023's Leading Metro Locations: Hotspots of Economic Growth
Q4 2023
-
2023 Top States for Doing Business Meet the Needs of Site Selectors
Q3 2023
-
38th Annual Corporate Survey: Are Unrealized Predictions of an Economic Slump Leading Small to Mid-Size Companies to Put Off Expansion Plans?
Q1 2024
-
Manufacturing Momentum Is Building
Q1 2024
-
20th Annual Consultants Survey: Clients Prioritize Access to Skilled Labor, Responsive State & Local Government
Q1 2024
-
Making Hybrid More Human in 2024
Q1 2024
-
Public-Private Partnerships Incentivize Industrial Development
Q1 2024