Bridgestone and Governor Nikki Haley announced today that Bridestone will spend $1.1 billion to expand an existing tire manufacturing plant in Aiken County that will add 850 jobs. The investment will be completed and production will start in the third quarter of 2013 to the first quarter of 2014.
Read the entire report at the Wall Street Journal by clicking here.
From the S.C. Department of Commerce:
COLUMBIA, S.C. – September 21, 2011 – During an event today attended by South Carolina Governor Nikki Haley, Bridgestone Americas, Inc., a subsidiary of Bridgestone Corporation, announced the construction of a new 1.5 million-square-foot off-road radial tire (ORR) manufacturing facility on a greenfield site in Aiken County. Bridgestone Americas also announced an additional 474,000-square-foot expansion of the existing passenger (PSR) and light truck (LTR) tire plant in Aiken County. When fully completed, the total $1.2 billion investment in these new projects will increase Bridgestone Americas’ workforce in Aiken County by more than 850 full-time and contractor positions.
The company previously announced a 266,000-square-foot expansion of this plant in July.
“The announcement of this greenfield off-road radial tire plant is a major strategic investment by the global Bridgestone Group to enhance its supply systems, improve its sourcing flexibility and further strengthen the Bridgestone Group’s position as the global leader in the off-road radial tire segment,” said Gary Garfield, Vice President and Senior Officer, Bridgestone Corporation, and CEO and President, Bridgestone Americas.
The construction of this new ORR plant is part of the company’s global sourcing strategy and will strengthen the ability of the global Bridgestone Group to cement its leadership position in this important market segment.
The new ORR manufacturing facility will be at a greenfield site in the Sage Mill Industrial Park in Aiken County. Previously, large and ultra-large ORR tires had been produced exclusively at Bridgestone Corporation’s Shimonoseki and Kitakyushu plants located in Japan. Bridgestone will install ORR production technologies developed in Japan in the new plant to more effectively respond to customer needs and growing global demand and further improvements in its supply systems. The Bridgestone Group will also have more options for future expansions, improving its ability to rapidly respond to changes in the operating environment and customer requirements.
“Today’s announcement represents the largest initial capital investment by a company in our state’s history, and we celebrate the more than 850 new jobs. This is a continuation of the good work we are doing to partner with companies. South Carolina has a great reason to smile today,” said Gov. Nikki Haley.
The plant will be built with a focus on the environment and plans to achieve LEED Construction Certification by incorporating state-of-the-art technology in its facility and equipment design.
“Bridgestone Americas is a world-class manufacturer and this investment will be a real game-changer. The company’s new plant will further strengthen South Carolina’s manufacturing sector, and shows that our business-friendly environment and top-notch talent continue to keep us competitive with locations across the globe,” said Bobby Hitt, Secretary of Commerce.
The capacity expansion at the existing Aiken County PSR/LTR tire plant announced today, along with the earlier expansion announcement in July, is intended to meet growing demand in key market segments, including ultra-high performance and light truck/SUV tires. The addition of new, more advanced tire building machines will provide the plant with an additional level of versatility and will give the plant even greater flexibility and speed in responding to shifts in market demand. Over the long term this versatility and flexibility will help the company address customer needs by improving the fill rates of high-demand tires.
“The Port of Charleston congratulates Bridgestone Americas. The Port is key in providing companies a way to reach world markets, and there is not a better place to do that than from right here in South Carolina,” said Jim Newsome, President and CEO of the S.C. State Ports Authority.
“On behalf of the citizens of Aiken County I want to thank Bridgestone Americas for this significant new investment and job creation being announced,” said Aiken County Council Chairman Ronnie Young. “The County Council works hard to create an environment where manufacturing companies can locate and be successful. We are grateful for Bridgestone Americas’ confidence in our workforce and community. We look forward to working with them as they continue to grow.”
“This is a great day for Bridgestone Americas and Aiken County,” said Gary Stooksbury, Chairman of the Board of The Economic Development Partnership. “We are very appreciative that Aiken County was chosen for this new investment. This historic announcement reflects on the strong partnership that exists between Aiken County and Bridgestone Americas. The strength of our community lies with our manufacturing base.”
In his remarks during the announcement in Aiken County, Garfield expressed his appreciation for the assistance received by the company in connection with the projects. “We’ve had tremendous support from the leadership in South Carolina including Governor Haley, Secretary of Commerce Hitt, County Council Chair Young, The Economic Development Partnership as well as South Carolina Electric & Gas, readySC, the South Carolina Ports Authority, Aiken Electric Cooperative, Norfolk Southern Railroad and our local legislative leaders who have all worked collaboratively with us to help make this investment a reality. On behalf of the global Bridgestone Group of companies, I would like to express my most sincere appreciation for their support and we look forward to a long and prosperous relationship with the state of South Carolina and Aiken County.”
The South Carolina Department of Commerce provided $15.5 million in grants to the company for infrastructure and site preparation, including about $6 million that was provided to improve public roads adjacent to the facility. The Coordinating Council also approved the project for job development credits.
About Bridgestone Corporation:
Bridgestone Corporation, headquartered in Tokyo, is the world’s largest tire and rubber company. In addition to tires for use in a wide variety of applications, it also manufactures a broad range of diversified products, which include industrial rubber and chemical products and sporting goods. Its products are sold in over 150 nations and territories around the world.
About Bridgestone Americas Inc.:
Nashville, Tenn.-based Bridgestone America, Inc. (BSAM) is the U.S. subsidiary of Bridgestone Corporation, the world’s largest tire and rubber company. BSAM and its subsidiaries develop, manufacture and market a wide range of Bridgestone, Firestone and associate brand tires to address the needs of a broad range of customers, including consumers, automotive and commercial vehicle original equipment manufacturers, and those in the agricultural, forestry and mining industries. The companies are also engaged in retreading operations throughout the Western Hemisphere and produce air springs, roofing materials, and industrial fibers and textiles. The BSAM family of companies also operates the world’s largest chain of automotive tire and service centers. Guided by its One Team, One Planet message, the company is dedicated to achieving a positive environmental impact in all of the communities it calls home.
About S.C. Department of Commerce
As South Carolina’s leading economic development agency, the Department of Commerce works to recruit new businesses and help existing businesses grow. This year, Commerce won the Gold Shovel Award and the Deal of Year Award from Area Development magazine. Commerce has been part of recruiting world-class companies to South Carolina such as Boeing, Monster.com, Heinz, ZF Group, BMW and Google Inc. Commerce also supports small and existing business, rural development initiatives and offers grants for community development. For more information, visit www.SCcommerce.com.
The Home Builders Association of Greenville are your neighbors and community leaders providing education and support for building industry professionals. We create jobs, encourage homeownership, and promote responsible growth throughout the upstate of South Carolina.
Wednesday, September 21, 2011
Monday, September 19, 2011
NAHB Call to Action: Congress Must Extend Conforming Loan Limits Now
NAHB issued the following Call to Action. Consider writing your member of Congress and ask him or her to support extending the conforming loan limits on mortgages.
In two short weeks, on October 1, 2011, the conforming loan limits for Fannie Mae, Freddie Mac and Federal Housing Administration (FHA) will be lowered. The disruption that would occur with the lowering of the current loan limits would further damage the already fragile housing market and impede the economic recovery of our nation.
The housing finance system is under a cloud of uncertainty. The federal government, through the GSEs and the FHA, is currently accounting for nearly all mortgage credit flowing to home buyers and rental properties. Lowering the loan limits will only further restrict overall mortgage liquidity in the marketplace and place further downward pressure on home prices.
Talking Points:
Write Your Members of Congress at www.capitolconnect.com/builderlink
In two short weeks, on October 1, 2011, the conforming loan limits for Fannie Mae, Freddie Mac and Federal Housing Administration (FHA) will be lowered. The disruption that would occur with the lowering of the current loan limits would further damage the already fragile housing market and impede the economic recovery of our nation.
The housing finance system is under a cloud of uncertainty. The federal government, through the GSEs and the FHA, is currently accounting for nearly all mortgage credit flowing to home buyers and rental properties. Lowering the loan limits will only further restrict overall mortgage liquidity in the marketplace and place further downward pressure on home prices.
Talking Points:
- Urge your members of Congress to support immediate efforts to extend the current loan limits for Fannie Mae, Freddie Mac and the FHA;
- A drop in these mortgage loan limits would reduce home prices in major markets all across the country;
- This is not the time to reduce housing demand and exacerbate the current housing downturn.
- Call Your members of Congress at (866) 924-NAHB (6242);
- Write your members of Congress at www.capitolconnect.com/builderlink.
GSA Business: South Carolina a top state for business
A study of U.S. corporate executives listed South Carolina as third in the nation for best business climate. Texas and North Carolina topped the list. California, New York, and Illinois bring up the rear.
Development Counselors International conducted the study, called "Winning Strategies for Economic Development Marketing." The study is conducted every three years.
Tops on the list of factors cited by survey respondents are low operating costs and a pro-business climate.
Read the entire article at GSA Business by clicking here.
Development Counselors International conducted the study, called "Winning Strategies for Economic Development Marketing." The study is conducted every three years.
Tops on the list of factors cited by survey respondents are low operating costs and a pro-business climate.
Read the entire article at GSA Business by clicking here.
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