State of Mississippi approves huge incentive package for Continental.
An incentive package of US$ 1.45 billion has been approved by the US state of Mississippi for a tyre factory proposed by Continental in the state area. He approved incentives by the Mississippi state legislature will include provisions of loans amounting to USD 263 million with added tax breaks. The state will also provide Continental with assistance in site acquisition & other preparation work along with cost of building the facility.
Building work on the new 464,500 square meter plant is expected to break ground in January 2018. Continental has yet to issue a statement on the project. However, it is understood that the facility will produce commercial vehicle or industrial tyres & will employ 2,500 people.