Current:Home > MyTire recycler to open facility at Port of South Louisiana, create nearly 50 new jobs -FinTechWorld
Tire recycler to open facility at Port of South Louisiana, create nearly 50 new jobs
View
Date:2025-04-11 21:19:06
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! (27186)
Related
- What were Tom Selleck's juicy final 'Blue Bloods' words in Reagan family
- Hurricane Otis makes landfall in Mexico as Category 5 storm
- Kelsea Ballerini and Chase Stokes Are Feeling Obsessed at TIME100 Next 2023 Red Carpet Event
- Leader of Lebanon’s Hezbollah holds talks with senior Hamas and Palestinian Islamic Jihad figures
- Brianna LaPaglia Reveals The Meaning Behind Her "Chickenfry" Nickname
- Here's how Americans feel about climate change
- Kelsea Ballerini and Chase Stokes Are Feeling Obsessed at TIME100 Next 2023 Red Carpet Event
- Americans relying less on cash, more on credit cards may pay more fees. Here's why.
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Hi Hi!
- Survey finds that US abortions rose slightly overall after new restrictions started in some states
Ranking
- Global Warming Set the Stage for Los Angeles Fires
- ‘Shaft’ star Richard Roundtree, considered the ‘first Black action’ movie hero, has died at 81
- Georgia mom charged with murder after 6-year-old son found stabbed after apartment fire
- Driver in Malibu crash that killed 4 Pepperdine students arrested on murder charges
- Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15
- ‘Shaft’ star Richard Roundtree, considered the ‘first Black action’ movie hero, has died at 81
- Israeli boy turns 9 in captivity, weeks after Hamas took him, his mother and grandparents
- Top Missouri lawmaker repays travel reimbursements wrongly taken from state
Recommendation
At site of suspected mass killings, Syrians recall horrors, hope for answers
Things to know about the NBA season: Lots of money, lots of talent, lots of stats
Survey finds that US abortions rose slightly overall after new restrictions started in some states
Georgia man killed himself as officers sought to ask him about escapees, authorities say
San Francisco names street for Associated Press photographer who captured the iconic Iwo Jima photo
Giants set to hire Padres' Bob Melvin as their new manager
Georgia Supreme Court allows 6-week abortion ban to stand for now
Bobi, the world's oldest dog, dies at 31