Current:Home > FinanceTire recycler to open facility at Port of South Louisiana, create nearly 50 new jobs -GrowthProspect
Tire recycler to open facility at Port of South Louisiana, create nearly 50 new jobs
View
Date:2025-04-22 09:09:54
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! (369)
Related
- Apple iOS 18.2: What to know about top features, including Genmoji, AI updates
- 3 killed when small plane crashes in western North Carolina mountains, officials say
- The Devil Wears Prada Is Officially Getting a Sequel After 18 Years
- UW regents approve raises for 8 chancellors, set up bonuses for retaining freshmen students
- Dick Vitale announces he is cancer free: 'Santa Claus came early'
- Chip Reid on addressing the long-term mental health of U.S. service members
- Child dies after accidental self-inflicted gunshot wound in Georgia store parking lot: reports
- Willie Nelson returned to the stage with Fourth of July Picnic following health concerns
- Former Syrian official arrested in California who oversaw prison charged with torture
- 2 people attacked by sharks in 2 days at 'Shark Bite Capital of the World,' Florida
Ranking
- This was the average Social Security benefit in 2004, and here's what it is now
- Florida community mourns K-9 officer Archer: 'You got one last bad guy off the street'
- Keanu Reeves, girlfriend Alexandra Grant hop on motorbike at Grand Prix in Germany
- Closing arguments set to begin at bribery trial of New Jersey Sen. Bob Menendez
- A South Texas lawmaker’s 15
- How bad is inflation, really? A fresh look at the economy and CPI this week
- Swatting reports are increasing. Why are people making fake calls to police? | The Excerpt
- Alec Baldwin about to go on trial in the death of Rust cinematographer. Here are key things to know.
Recommendation
Moving abroad can be expensive: These 5 countries will 'pay' you to move there
David Byrne: Why radio should pay singers like Beyoncé and Willie Nelson
New Jersey forest fire that was sparked by fireworks is 75% contained
Man dies of 'massive head trauma' after lighting firework off Uncle Sam top hat on July 4th
Nevada attorney general revives 2020 fake electors case
Heather Locklear to Make Rare Public Appearance for 90s Con Reunion With Melrose Place Stars
Alec Baldwin about to go on trial in the death of Rust cinematographer. Here are key things to know.
Shaboozey makes history again with 'A Bar Song (Tipsy),' earns first Hot 100 No. 1 spot on Billboard