Current:Home > reviewsTire recycler to open facility at Port of South Louisiana, create nearly 50 new jobs -Streamline Finance
Tire recycler to open facility at Port of South Louisiana, create nearly 50 new jobs
View
Date:2025-04-11 18:22:23
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! (252)
Related
- US auto safety agency seeks information from Tesla on fatal Cybertruck crash and fire in Texas
- Get your hands on Deadpool's 'buns of steel' with new Xbox controller featuring 'cheeky' grip
- 'The Sopranos' star Drea de Matteo says teen son helps her edit OnlyFans content
- Harris to visit battleground Wisconsin in first rally as Democrats coalesce around her for president
- What to watch: O Jolie night
- Hiker missing for 2 weeks found alive in Kentucky's Red River Gorge after rescuers hear cry for help: Truly a miracle
- The Bear Fans Spot Season 3 Editing Error About Richie's Marriage
- McDonald's $5 meal deal will be sticking around for longer this summer: Report
- US appeals court rejects Nasdaq’s diversity rules for company boards
- Mark Carnevale, former PGA Tour winner and golf broadcaster, dies a week after working his last tournament
Ranking
- Messi injury update: Ankle 'better every day' but Inter Miami star yet to play Leagues Cup
- Taylor Swift could make it to quite a few Chiefs games this season. See the list
- Hiker dies at Utah state park after high temperatures, running out of water
- Darren Walker, president of Ford Foundation, will step down by the end of 2025
- Are Instagram, Facebook and WhatsApp down? Meta says most issues resolved after outages
- US Sen. Bob Menendez of New Jersey is resigning from office following his corruption conviction
- Russia says its fighter jets intercepted 2 U.S. strategic bombers in the Arctic
- As hurricane season begins, here’s how small businesses can prepare in advance of a storm
Recommendation
Residents in Alaska capital clean up swamped homes after an ice dam burst and unleashed a flood
The Bear Fans Spot Season 3 Editing Error About Richie's Marriage
This state was named the best place to retire in the U.S.
'The Sopranos' star Drea de Matteo says teen son helps her edit OnlyFans content
JoJo Siwa reflects on Candace Cameron Bure feud: 'If I saw her, I would not say hi'
3 Army Reserve officers disciplined after reservist killed 18 people last October in Maine
U.S. stocks little moved by potential Harris run for president against Trump
Watchdog who criticized NYPD’s handling of officer discipline resigns