Michelin North America has committed to investing an additional $100 million in the company’s Greenville County facilities throughout the next seven years, a spokesperson said on Wednesday, Nov. 3.
In addition, the company extended its 2012 fee-in-lieu-of-tax agreement with Greenville County. FILOT agreements allow companies to pay a certain amount to the county instead of taxes. Its property tax reduction will be extended for 10 more years, as will special source credits.
“We are committing to invest an additional $100 million in our Greenville County facilities for equipment and machinery for our facilities in Greenville County throughout the next seven years (a 5-year investment period extension), consistent with our commitment to accelerate advanced manufacturing in our state,” the spokesperson said.
The spokesperson went on to say that the actions completed by Michelin and Greenville County were to simplify previous tax agreements with the county, adding that the contribution to the county would not change.
Michelin employs over 9,000 employees in the Upstate.