Michelin Celebrates 50 Years of Economic Impact in South Carolina

Celebrating 50 Years of Michelin in South Carolina

Greenville, SC – A remarkable milestone was celebrated on September 17, 2024, as Michelin North America Inc. proudly marked its 50th anniversary of manufacturing in South Carolina. The company has not only shaped its own future but also transformed the economy of the Palmetto State in unimaginable ways. A recent report by the University of South Carolina’s Darla Moore School of Business revealed that Michelin has generated an astounding $266 billion in cumulative economic impact since its arrival.

The Beginning of a New Era

Michelin arrived in South Carolina at a crucial period when the textile industry was beginning a long, painful decline. With its first facility established near Pendleton in 1974, and the grand opening of a finished tire plant in Greenville in 1975, Michelin led the charge in changing the manufacturing landscape. The company now boasts 15 plants across the state, significantly shifting South Carolina’s economic focus away from textiles toward advanced manufacturing.

In the decades that followed, Michelin created an impressive average of 14,000 jobs annually. Joseph Von Nessen, a research economist, elaborated on these findings during a special event celebrating Michelin’s time in the state, stating, “Michelin sparked an evolution to advanced manufacturing in our state.”

Key Economic Findings

The report from the Darla Moore School of Business highlighted some key statistics that tell the story of Michelin’s impact:

• $8.2 billion: The annual economic impact Michelin brings to South Carolina.
• $2 billion: Total annual labor income linked to Michelin’s activities.
• 24,915 jobs: The total annual jobs created directly or indirectly by Michelin.
• 2.6: Michelin’s employment multiplier, meaning for every 10 jobs created by the company, an additional 16 jobs are created across the state.
• 45%: Average income premium for jobs associated with Michelin versus the state average.

Celebration and Recognition

The anniversary celebration was a star-studded event attended by several prominent figures, including Governor Henry McMaster and leading members of the South Carolina Department of Commerce. They gathered to applaud Michelin’s remarkable journey within the state and its role in bolstering the local economy.

McMaster expressed gratitude on behalf of the state, saying, “For the last 50 years, Michelin has been a driving force for our state, creating good jobs, modernizing our economy.” He highlighted the continuing partnership between Michelin and local communities, which is something everyone is excited about.

The People Behind the Success

As Michelin’s outgoing President and CEO, Alexis Garcin, prepared to pass the torch to his successor Matthew Cabe, he reflected on the key factors that attracted Michelin to South Carolina. “Available land, access to ports, education and — most importantly — skilled people,” Garcin noted, acknowledging the generations who have contributed to Michelin’s success and its integration into the local culture.

Innovation and Economic Growth

The economic report also detailed how Michelin remains at the forefront of innovation within the tire manufacturing sector, achieving productivity levels that are 28% higher than competitors. Cutting-edge advancements like the Michelin X Tweel airless tire assembly and specialized tires for space exploration are perfect examples of their innovative spirit.

A Lasting Impact

Greenville Mayor Knox White couldn’t hold back his pride, saying that Michelin’s establishment in the area was a seismic event for local industry. With a rich history now embedded in the state, Michelin has not only modernized South Carolina’s economy but has also expanded its cultural and educational involvement, standing as a testament to what a strong partnership between a company and a community can achieve over time.

As Michelin North America celebrates this golden anniversary, it is clear that their positive influence on South Carolina is far from over. With continued commitment to innovation and community support, the next 50 years promise to be just as transformational.