by: Greg Suskin Updated:
CHESTER COUNTY, S.C. - Giti Tire, the 10th largest tire company in the world, will establish its first North American manufacturing facility in Chester County, according to a news release.
The company plans to invest $560 million and create 1,700 new jobs over the next decade in order to meet the growing demand of the North American market.
The company announced its plans Monday during an event at the Gateway Conference Center in Richburg, where state and local officials -- including Gov. Nikki Haley and Singapore’s Ambassador to the U.S. Ashok Kumar Mipuri -- joined to celebrate Giti’s location decision.
Based in Singapore, Giti Tire will produce passenger and light truck tires for the original equipment manufacturer and replacement markets in the Chester County plant.
The new facility, which will be located on the Carolinas Interstate 77 Mega Site, will combine manufacturing and distribution activities, with total building area estimated to be 1.8 million square feet.
During the first phase of production, the plant’s capacity is expected to be five million tires annually. Giti Tire plans to further increase production capacity in response to future market demand and conditions. The Chester County facility represents Giti’s ninth manufacturing plant in its global system.
The company’s decision to locate in South Carolina was driven by a number of factors, including the area’s workforce and training opportunities through the technical college system, proximity to major transportation infrastructure and deep-water port facilities in Charleston, market access to the growing Southeast region and the state’s business-friendly environment.
Healthcare company moving from Charlotte to Fort Mill
A second announcement in South Carolina revealed a Charlotte company will move its location to Fort Mill.
The Lash Group, which is a healthcare company, needed more space than it had in Charlotte.
As part of the move, 1,200 jobs will relocate to Fort Mill initially and eventually all 3,000 will move to South Carolina.
Financial company relocating from Charlotte to Fort Mill
A third announcement came Monday afternoon when LPL Financial said it will relocate from Charlotte to Fort Mill, establishing a new headquarter there in 2016.
In the move, 1,000 employees will apparently move to the new South Carolina headquarters.
Company said it’s too spread out currently in Charlotte.
Follow Greg Suskin on Twitter for updates to this developing story -- #SCNewJobs.