Current:Home > InvestTire recycler to open facility at Port of South Louisiana, create nearly 50 new jobs -MarketStream
Tire recycler to open facility at Port of South Louisiana, create nearly 50 new jobs
View
Date:2025-04-18 12:56:03
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! (25213)
Related
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Hi Hi!
- 4 patients die after a fire breaks out at a hospital in northern Germany
- Germany’s government waters down a cost-cutting plan that infuriated the country’s farmers
- Chick-fil-A is bringing back Mango Passion Sunjoy, adding 3 new drinks: How you can order
- Federal Spending Freeze Could Have Widespread Impact on Environment, Emergency Management
- Katt Williams accuses Cedric the Entertainer of stealing his 'best joke' from the '90s
- Oscar Pistorius is set to be released on parole. He will be strictly monitored until December 2029
- Horoscopes Today, January 4, 2024
- Chuck Scarborough signs off: Hoda Kotb, Al Roker tribute legendary New York anchor
- Survivors are found in homes smashed by Japan quake that killed 94 people. Dozens are still missing
Ranking
- See you latte: Starbucks plans to cut 30% of its menu
- US applications for unemployment benefits fall again as job market continues to show strength
- Dozens injured after two subway trains collide, derail in Manhattan
- Fire at home of Dolphins' star Tyreek Hill was accidental. Fire marshal reveals cause
- Trump issues order to ban transgender troops from serving openly in the military
- Bachelor Nation's Brayden Bowers and Christina Mandrell Get Engaged at Golden Bachelor Wedding
- As more Americans work or look for jobs, inflation is falling. How long will it last?
- Ballon d'Or 2024: 5 players to keep an eye on in coveted award race
Recommendation
What were Tom Selleck's juicy final 'Blue Bloods' words in Reagan family
Students march in Prague to honor the victims of the worst mass killing in Czech history
Steve Burton exits 'Days of Our Lives' 1 year after reprising role
Rage Against the Machine won't tour or perform live again, drummer Brad Wilk says
The FTC says 'gamified' online job scams by WhatsApp and text on the rise. What to know.
Police in Kenya follow lion footprints from abandoned motorcycle, find dead man
Crib videos offer clue to mysterious child deaths, showing seizures sometimes play a role
Kelly Clarkson Jokes About Her Weight-Loss Journey During Performance