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Triangle Tyre to set up US$ 500M plant in North Carolina.

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Posted: December 20, 2017 at 10:12 am   /   by   /   comments (0)

The Chinese tyremaker Triangle Tyre is moving more aggressively into the U.S. market, announcing plans Tuesday for a North Carolina factory that is to eventually employ 800 and produce six million tyres a year.

A state committee that administers large corporate tax breaks approved plans to coax Triangle Tyre to rural Edgecombe County, about 65 miles (100 kilometres) east of the state capital of Raleigh. The $580 million plant is the first in the United States for the Weihai, China-based maker of tyres for passenger vehicles, trucks and buses and heavy equipment.

“We expect that this will provide a huge boost in brand awareness and interest in our products as we continue to expand our presence in the U.S.,” Manny Cicero, CEO of the company’s Triangle Tyre USA subsidiary, said in a statement.

Triangle Tyre could get up to $152 million in state and local tax breaks, worker training and other incentives if it meets hiring targets. The jobs are projected to pay an average wage of $56,450 a year, well above a county average of $32,642.

The company said in a disclosure to the Shanghai Stock Market last month that construction would start next year on a two-phase plan to first build a factory producing 5 million passenger cars tyres a year. That would be followed by production lines churning out 1 million commercial vehicle tyres a year. The company added that construction is expected to take two to three years for each project.

The Triangle factory marks at least the third Chinese tyremaker to build production plants in the U.S.

Wanli Tyre Corp. said in June it plans to build a factory employing at least 400 people and later rising to 1,200 in South Carolina, America’s tyre-producing capital. Sentury Tyre announced plans in 2016 to develop a $530 million factory in LaGrange, Ga.

The plant is to be located on a nearly 1,500-acre (600-hectare) site between Rocky Mount and Tarboro, which was offered as a location to potential manufacturers needing lots of space by the economic development groups that assembled it. The site is near the major Interstate 95 road corridor and borders a CSX Transportation rail line. Triangle’s operation would use about 400 acres (160 hectares) of that site, state Commerce Department spokesman David Rhodes said.

 

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