Michelin North America has announced the company plans to invest $75 million more dollars at its Spartanburg County facilities. The company is also working to update tax break agreements with the Spartanburg and Greenville counties.
“We are also committing to invest an additional $75 million in our Spartanburg County facilities for equipment and machinery throughout the next five years, consistent with our commitment to accelerating advanced manufacturing in our state,” said Michelin spokesperson Megan Bagwell in a statement. The company has also reached a fee-in-lieu-of-tax agreement with Spartanburg county that will yield a 30-year property tax and special source revenue credit.
Earlier this month, the tire manufacturer committed $100 million for its Greenville County facilities.
“In partnership with Greenville and Spartanburg counties, these actions are intended to simplify older tax agreements and alleviate [the] administrative burden to our local government. The amount we contribute to the counties does not change, and there is no net financial impact to Michelin or the state government,” Bagwell said.