Current:Home > StocksTire recycler to open facility at Port of South Louisiana, create nearly 50 new jobs -MarketEdge
Tire recycler to open facility at Port of South Louisiana, create nearly 50 new jobs
View
Date:2025-04-14 22:26:19
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! (41)
Related
- Justice Department, Louisville reach deal after probe prompted by Breonna Taylor killing
- Beloved former KDKA-TV personality Jon Burnett has suspected CTE
- Georgia Republican Gov. Brian Kemp sets the stage to aid Texas governor’s border standoff with Biden
- Senate passes $95.3 billion aid package for Ukraine, Israel and Taiwan after rare all-night session
- Jamie Foxx reps say actor was hit in face by a glass at birthday dinner, needed stitches
- Tom Brady Weighs In on Travis Kelce and Andy Reid’s Tense Super Bowl Moment
- Jon Stewart's 'Daily Show' return is so smooth, it's like he never left
- Jon Stewart's 'Daily Show' return is so smooth, it's like he never left
- The FBI should have done more to collect intelligence before the Capitol riot, watchdog finds
- 16 Things To Help You Adult If Life Has Been Giving You Too Many Lemons To Handle Lately
Ranking
- Will the 'Yellowstone' finale be the last episode? What we know about Season 6, spinoffs
- The Best Cowboy Boots You’ll Want to Wrangle Ahead of Festival Season
- Lawmaker seeks official pronunciation of ‘Concord,’ New Hampshire’s capital city
- Gen Zers are recording themselves getting fired in growing TikTok trend
- The 401(k) millionaires club keeps growing. We'll tell you how to join.
- Snowmobiler, skier killed in separate Rocky Mountain avalanches in Colorado, Wyoming
- Inflation ran hotter than expected in January, complicating the Fed's rate decision
- Pittsburgh Steelers cut QB Mitch Trubisky after two disappointing seasons
Recommendation
US appeals court rejects Nasdaq’s diversity rules for company boards
Small plane lands safely near Buffalo after rear door falls off mid-flight
Judge rules that restrictions on after-hour drop boxes don’t keep Floridians from voting
Tiger Woods' Kids Are Typical Teens With Their Reaction to Dad's New Clothing Line
Whoopi Goldberg is delightfully vile as Miss Hannigan in ‘Annie’ stage return
In $100 Million Colorado River Deal, Water and Power Collide
New York stores are now required to post the extra charges for paying with a credit card
Senate passes $95.3 billion aid package for Ukraine, Israel and Taiwan after rare all-night session