By The Associated Press
WEST POINT — Executives with Yokohama Rubber Co. Ltd. say they’ll build a new tire plant in Mississippi because they see a global supply shortage for tires.
State and company officials gathered Monday to celebrate the company’s plans to build a factory near West Point.
The company plans to invest $300 million, hiring 500 people, in a first phase, and could invest $1.2 billion, hiring 2,000 people, over time. In exchange, state and local governments could give more than $340 million in aid and tax breaks.
Takayuki Hamaya, chief operating officer of Yokohama Tire Corp., the company’s American subsidiary, says it makes sense to build a truck and bus tire plant in the United States because that’s where Yokohama sells the most commercial tires.
The company now makes tires in Virginia and Illinois.
Read more in Tuesday’s NEMS Daily Journal.