Current:Home > reviewsTire recycler to open facility at Port of South Louisiana, create nearly 50 new jobs -MoneyFlow Academy
Tire recycler to open facility at Port of South Louisiana, create nearly 50 new jobs
View
Date:2025-04-16 04:37:50
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! (3)
Related
- Meta donates $1 million to Trump’s inauguration fund
- Pakistan election offices hit by twin bombings, killing at least 24 people a day before parliamentary vote
- Tom Brady says he was 'surprised' Bill Belichick wasn't hired for head coaching job
- Review: Netflix's 'One Day' is an addictive romance to get you through the winter
- Skins Game to make return to Thanksgiving week with a modern look
- DJ Tiësto Pulls Out of Super Bowl 2024 Due to Family Emergency
- Arkansas governor nominates new corrections head after fight over prison authority
- The race for George Santos’ congressional seat could offer clues to how suburbs will vote this year
- Chuck Scarborough signs off: Hoda Kotb, Al Roker tribute legendary New York anchor
- New Hampshire Senate votes to move state primary from September to June. The House wants August
Ranking
- What do we know about the mysterious drones reported flying over New Jersey?
- A migraine is more than just a bad headache. Here's what causes them.
- Brittany Mahomes Shares Message on Being Unapologetically Yourself While Making SI Swimsuit Debut
- Botched's Dr. Terry Dubrow Has Officially Weighed in on RHOBH's Esophagus-Gate Controversy
- Highlights from Trump’s interview with Time magazine
- Wyoming, Slow To Take Federal Clean Energy Funds, Gambles State Money on Carbon Sequestration and Hydrogen Schemes to Keep Fossil Fuels Flowing
- 5 Marines aboard helicopter that crashed outside San Diego confirmed dead
- The $11 Item Chopped Winner Chef Steve Benjamin Has Used Since Culinary School
Recommendation
The Best Stocking Stuffers Under $25
Defense requests a mistrial in Jam Master Jay murder case; judge says no but blasts prosecutors
SEC reported nearly $853 million in revenue in 2023 fiscal year, new tax records show
Thank goodness 'Abbott Elementary' is back
San Francisco names street for Associated Press photographer who captured the iconic Iwo Jima photo
Martha Stewart Says She Uses Botox and Fillers to Avoid Looking Her Age
Spike Lee, Denzel Washington reuniting for adaptation of Kurosawa’s ‘High and Low’
Sexual violence is an ancient and often unseen war crime. Is it inevitable?