Current:Home > NewsTire recycler to open facility at Port of South Louisiana, create nearly 50 new jobs-LoTradeCoin
Tire recycler to open facility at Port of South Louisiana, create nearly 50 new jobs
View Date:2024-12-24 00:43:26
RESERVE, La. (AP) — A European tire recycling company plans to open a $46 million processing plant at the Port of South Louisiana, state economic development officials announced Wednesday.
Headquartered in Ireland, Life for Tyres Group Ltd. said it plans to start construction of its first U.S. location at the end of the year, with commercial operations starting in spring 2026, The Advocatereported.
CEO Tilen Milicevic said the company is excited about the expansion.
“A strong industrial ecosystem, the availability of qualified personnel and suppliers, excellent connectivity, abundance of feedstock and proximity of our final clients are just a few of the many reasons why L4T Group, following a thorough market study, decided for Louisiana to be home to our first investment in the U.S,” Milicevic said. “We are looking forward to a long and fruitful partnership with the Port of South Louisiana and to being good corporate citizens for the state of Louisiana.”
The recycling and manufacturing plant will convert end-of-life tires into high-quality sustainable commodities such as advanced biofuel feedstock, recovered carbon black, which can be used to strengthen rubber, and scrap steel, Louisiana Economic Development said in a statement. The company expects to create 46 direct new jobs in St. John the Baptist Parish as a result.
“This new project is a perfect example of the power of the ports to drive investment and job creation in Louisiana,” Gov. Jeff Landry said. “In addition to the tremendous impact this foreign investment will have on the state and local economies, L4T will support Louisiana-based oil and gas and petroleum chemical companies with high-quality sustainable commodities that help them achieve their carbon management goals.”
Louisiana’s facility is part of a broader global expansion plan by the company, which recently opened a plant in Puertollano, Spain, and plans to expand in Ecuador and Japan.
To secure the project, the state of Louisiana offered an incentives package that includes the comprehensive workforce development solutions of LED FastStart, according to the training center. It also includes a $1 million performance-based grant that will be used for site improvements. The company is also expected to participate in Louisiana’s Industrial Tax Exemption and Quality Jobs programs.
veryGood! (948)
Related
- Mike Tyson vs. Jake Paul fight odds will shift the longer the heavyweight bout goes
- Eagles center Jason Kelce set to retire after 13 NFL seasons, per multiple reports
- Maryland governor restores $150 million of previously proposed cuts to transportation
- JetBlue’s $3.8 billion buyout of Spirit Airlines is blocked by judge citing threat to competition
- Watch out, Temu: Amazon Haul, Amazon's new discount store, is coming for the holidays
- Why Friends Cast Didn’t Host Matthew Perry Tribute at Emmys
- Linton Quadros – Founder of EIF Business School, AI Robotics profit 4.0 Strategy Explained
- RHOSLC's Meredith Marks Shares Her Theory on How Jen Shah Gave Heather Gay a Black Eye
- New York nursing home operator accused of neglect settles with state for $45M
- Ford, Volvo, Lucid among 159,000 vehicles recalled: Check car recalls here
Ranking
- Denver district attorney is investigating the leak of voting passwords in Colorado
- 2 killed and 77 injured in a massive blast caused by explosives in a southern Nigerian city
- Coachella 2024: Lana Del Rey, Doja Cat and Tyler, the Creator to headline, No Doubt to reunite
- Britain’s unexpected inflation increase in December is unlikely to worry the Bank of England
- 'Squid Game' creator lost '8 or 9' teeth making Season 1, explains Season 2 twist
- Fatal hot air balloon crash in Arizona may be linked to faulty ‘envelope’
- Everything You Need to Upgrade Your Winter Skincare and Beauty Routine, According to Amazon Influencers
- A Guide to Michael Strahan's Family World
Recommendation
-
Firefighters make progress, but Southern California wildfire rages on
-
Iowa caucus turnout for 2024 and how it compares to previous years
-
Lawmakers announce bipartisan effort to enhance child tax credit, revive tax breaks for businesses
-
How do you handle a personal crisis at work? What managers should know. Ask HR
-
Voters in California city reject measure allowing noncitizens to vote in local races
-
NBA team power rankings see Lakers continue to slide
-
Stock market today: Asian shares mostly fall after Wall Street drop
-
Iowa caucus turnout for 2024 and how it compares to previous years