Continental to build $1.45 billion tyre factory in North America
The US state of Mississippi has approved an incentive package for a US$1.45 billion tyre factory that Continental intends to build in the state. The incentives approved by the Mississippi State Legislature include providing loans of $263 million and various tax breaks. Mississippi will also assist with site acquisition and preparation work, and help with the cost of building the facility.
Work on the new 5 million square foot (464,500 square metre) plant is expected to begin in January 2018. Continental has yet to issue a statement on the project, however it is understood that the facility will produce commercial vehicle or industrial tyres and ultimately employ 2,500 people.