Current:Home > InvestTire recycler to open facility at Port of South Louisiana, create nearly 50 new jobs -Zenith Investment School
Tire recycler to open facility at Port of South Louisiana, create nearly 50 new jobs
View
Date:2025-04-12 19:23:41
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! (46995)
Related
- A South Texas lawmaker’s 15
- Vermont mountain communities at a standstill after more historic flooding
- French pharmacies are all the rage on TikTok. Here's what you should be buying.
- Two women drowned while floating on a South Dakota lake as a storm blew in
- Don't let hackers fool you with a 'scam
- Which NFL playoff teams could miss cut in 2024 season? Ranking all 14 on chances of fall
- For Marine Species Across New York Harbor, the Oyster Is Their World
- Florida braces for flooding from a possible tropical storm
- Have Dry, Sensitive Skin? You Need To Add These Gentle Skincare Products to Your Routine
- Take an Extra 50% Off J.Crew Sale Styles, 50% Off Quay Sunglasses, 30% Off North Face & the Best Deals
Ranking
- North Carolina justices rule for restaurants in COVID
- Did Katie Ledecky win? How she finished in 800 freestyle
- 2024 Olympics: Why Simone Biles Was Stressing While Competing Against Brazilian Gymnast Rebeca Andrade
- Did Katie Ledecky win? How she finished in 800 freestyle
- NHL in ASL returns, delivering American Sign Language analysis for Deaf community at Winter Classic
- Jury reaches split verdict in baby abandonment case involving Dennis Eckersley’s daughter
- 2024 Olympics: Skateboarder Sky Brown Still Competing With Dislocated Shoulder
- US safety agency moves probe of Dodge Journey fire and door lock failure a step closer to a recall
Recommendation
NFL Week 15 picks straight up and against spread: Bills, Lions put No. 1 seed hopes on line
Florida attorney pleads guilty to trying to detonate explosives near Chinese embassy in Washington
Chase Budinger credits former NBA teammate for approach to Olympic beach volleyball
Deadly force justified in fatal shooting of North Carolina man who killed 4 officers, official says
Paula Abdul settles lawsuit with former 'So You Think You Can Dance' co
First two kickoff under NFL’s new rules are both returned to the 26
USA's Casey Kaufhold, Brady Ellison win team archery bronze medal at Paris Olympics
USA beach volleyball's perfect top tandem braves storm, delay, shows out for LeBron James