Current:Home > InvestTire recycler to open facility at Port of South Louisiana, create nearly 50 new jobs -Pinnacle Profit Strategies
Tire recycler to open facility at Port of South Louisiana, create nearly 50 new jobs
View
Date:2025-04-11 20:49:34
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! (2399)
Related
- South Korean president's party divided over defiant martial law speech
- USDA warns Trader Joe's chicken pilaf may contain rocks: 'Multiple' complaints, dental injury reported
- Drew Brees raves about Brock Purdy's underdog story and playmaking ability
- Baby zebra born on Christmas dies at Arizona zoo
- DoorDash steps up driver ID checks after traffic safety complaints
- US has enough funds for now to continue training Ukrainian pilots on F-16, National Guard chief says
- Tennessee authorities search for suspect in shooting of 2 sheriff’s deputies
- Georgia House backs state income tax and property tax cuts in unanimous votes
- Intel's stock did something it hasn't done since 2022
- Have a story about your sibling? Share it with us!
Ranking
- Current, future North Carolina governor’s challenge of power
- What are the Years of the Dragon? What to know about 2024's Chinese zodiac animal
- Attorneys for West Virginia governor’s family want to block planned land auction to repay loans
- A criminal actor is to blame for a dayslong cyberattack on a Chicago hospital, officials say
- Questlove charts 50 years of SNL musical hits (and misses)
- Sex with a narcissist can be electric. It makes relationships with them more confusing.
- Steve Scalise returning to Washington as another Mayorkas impeachment vote expected
- NBA trade tracker: Gordon Hayward, Bojan Bogdanovic, Patrick Beverley on the move
Recommendation
Opinion: Gianni Infantino, FIFA sell souls and 2034 World Cup for Saudi Arabia's billions
Deadly military helicopter crash among many aviation disasters in Southern California
Jets owner Woody Johnson throws shade at Zach Wilson: 'Didn't have' backup QB last season
Super Bowl is a reminder of how family heritage, nepotism still rule the NFL
'No Good Deed': Who's the killer in the Netflix comedy? And will there be a Season 2?
Kentucky Senate committee advances bill limiting diversity, equity and inclusion initiatives
Minneapolis settles lawsuit alleging journalists were harassed, hurt covering Floyd protests
Henry Fambrough, member of Motown group The Spinners, dies at 85