Largest Ever Manufacturing Investment in Rural North Carolina
Chinese tire manufacturing company Triangle Tyre has selected Edgecombe County, North Carolina as the location for its first manufacturing facility in the United States, Governor Roy Cooper announced today. Triangle will create 800 jobs and invest nearly $580 million in the Kingsboro area.
The project is estimated to contribute more than $2.4 billion to North Carolina’s economy. Said Governor Cooper:
“Triangle Tyre chose North Carolina for its first-ever manufacturing center outside of China because they know our workers share their commitment to innovation, education and excellence. I’m excited to see these 800 skilled manufacturing jobs go to Eastern North Carolina where I grew up and raised my family, a place where people have an unshakeable dedication to getting the job done. We welcome Triangle Tyre to its new home, and we’re ready to get to work.”
Triangle Tyre Co., Ltd. was founded in 1976 and is headquartered in the Shandong Province of China. Triangle has concentrated on tire technology innovation, manufacturing and the global tire market for 40 years. Triangle owns a state-certified enterprise technology development center, a state-level industrial design center, and a postdoctoral scientific research station platform.
Currently, Triangle’s annual manufacturing capacity is more than 22 million tires (approximately 580,000 tons), and the company’s products have been exported to more than 180 countries and regions, via its sales teams and distributors in North and South America, the European Union, Africa and Asia-Pacific. Its product series covers more than 5,000 specifications, including commercial tires, passenger tires, OTR (off-the-road), and radius jumbo tires.
Said NC Commerce Secretary Anthony M. Copeland:
“Triangle Tyre is bringing a state-of-the-art manufacturing facility to Kingsboro, North Carolina, giving the region and our entire state a new and highly advanced manufacturing capacity the likes of which we haven’t yet seen in North Carolina. These are quality, efficient, well-paying jobs that require specific skills, and our communities are ready to support people who want the training required to get these jobs.”
Triangle will make Edgecombe County in North Carolina the home of its two-phase tire manufacturing facilities, a passenger tire facility as phase one and a commercial tire facility as phase two. The company expects to complete both phases by 2023.
Once both facilities reach production capacity, Triangle expects to produce six million tires annually.
Salaries for the new positions will vary, with an average annual salary of $56,450 once all positions are filled. The average wage in Edgecombe County is $32,642.
The North Carolina Department of Commerce and the Economic Development Partnership of NC (EDPNC) led the state’s support for the company’s investment in North Carolina.
Said Mr. Ding Yuhua, Chairman of Triangle Group and Triangle Tyre:
“Triangle Tyre strongly believes that the project will blossom with beautiful flowers and bear the most abundant fruits in the US, a developed nation on wheels. We will give back the fruits to the people of North Carolina with our utmost sincerity.”
Triangle’s development in Edgecombe County will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state legislature’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project will grow the state’s economy by an estimated $2.4 billion. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $20.1 million, spread over 12 years. State payments only occur following performance verification by the NC departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
The company has also been awarded a performance-based grant from the One North Carolina Fund for up to $16 million. The One NC Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All One NC grants require a matching grant from local governments, and any award is contingent upon that condition being met.
Partnering with NC Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Community College System, North Carolina Department of Transportation, NC Railroad Company, the Golden LEAF Foundation, Edgecombe County, Carolinas Gateway Partnership, Dominion Power, and CSX Transportation.
Source: Ford Porter, NC Office of the Governor