S.C. officials gave final approval Tuesday to a plan to borrow $40.5 million to lure a Chinese tire manufacturer to the Palmetto State.
The China-owned Wanli Tire has plans to build a manufacturing plant in Orangeburg County.
The company announced plans to employ 1,200. The S.C. Department of Commerce’s borrowing request said the company plans to invest at least $400 million and create at least 400 jobs.
The $40.5 million would pay for site development, rail and roads at the property.
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On Tuesday, the S.C. Fiscal Accountability Authority, chaired by Gov. Henry McMaster, approved the request for borrowing.
Wanli Tire will join several tire and auto manufacturers already operational or moving to South Carolina, including Michelin, Giti, Continental, BMW, Volvo and Mercedes-Benz Vans.
The company says it is the largest producer of radial tires in southern China and is one of the country’s largest radial tire exporters. The company now produces 16 million tires a year, according to its website, and plans to produce about 6 million tires a year in Orangeburg once operational.