Exciting News for Lexington County: Michelin May Invest $159 Million!
Lexington County is buzzing with excitement as Michelin, the famous tire manufacturer, is considering a staggering $159 million investment right in our backyard! This could mean fantastic upgrades to Michelin’s existing plants located just outside of Red Bank along the bustling Interstate 20.
What’s Happening?
On Tuesday night, the Lexington County Council unanimously voted to kick off contract negotiations with Michelin. This step signals that things are moving in a positive direction, even though it’s still very early in the process. The county’s economic development director, Garrett Dragano, shared that they are still in discussions with the tire giant about what the partnership could specifically entail.
“This is still really early on, so as far as details of what that agreement specifically looks like … we’re still talking to Michelin about those things,” Dragano mentioned. It’s important to highlight that the process isn’t just a walk in the park; it remains competitive as other municipalities are also in the running to snag Michelin’s investment.
What Could This Mean for Jobs?
While we’re all holding our breath to see how many jobs this investment might create, the exact number is still a mystery at this point. It’s worth noting that Michelin is already a significant part of the local economy, being the fourth largest employer in the county with around 2,600 workers on its payroll.
Paving the Way with Tax Incentives
Should Michelin choose Lexington for its investment, both the county and state are expected to offer a range of tax incentives and credits, following the usual practice for manufacturing investments. In fact, back in 2012, Lexington County granted Michelin approximately $45 million in property tax abatements spread out over 30 years during a separate investment deal reportedly worth around $200 million.
“We’ll put our best foot forward and Michelin’s a great partner and community member and a part of our corporate family here in Lexington County and we want to ensure that they continue to grow and be successful so we’ll do what we can to make sure of that,” Dragano added, emphasizing the collaborative spirit in play.
Michelin’s Footprint in South Carolina
For those who may not know, Michelin has been a staple in South Carolina since its North American operations headquarters landed in Greenville County back in 1985. Currently, the company employs nearly 10,000 people across the state, operating a whopping 15 facilities. It’s easy to see why the possibility of a new investment is such a hot topic!
Keeping Up with the Competition
As Michelin ponders its next steps, it’s also worth mentioning that other production facilities are eyeing opportunities in the Columbia area. Scout Motors, a German electric vehicle manufacturer, is set to ramp up the region’s job market with plans to add 4,000 new jobs through a mammoth $2 billion investment by the end of 2026.
Staying Tuned for Updates!
As we wait for more details on Michelin’s potential investment and the benefits it could bring to our community, it’s an excellent time for Lexington County residents to stay informed and keep an eye on developments. With so much excitement in the air, who knows what the future holds for our area!
So, keep your fingers crossed and stay tuned as Lexington County gears up for a big boost in its economic landscape. Let’s hope Michelin decides to continue its remarkable journey in our community!
