This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Miss. Lawmakers Pass Incentives For Tire Maker

By JEFF AMY

JACKSON, Miss. (AP) â¿¿ A Japanese company will get incentives that could be worth more than $330 million to build a tire manufacturing plant in Clay County.

Mississippi lawmakers quickly passed the bill intended for Yokohama Rubber Co. Ltd. in a Friday special session, with House members supporting it 117-2 and Senate members supporting it unanimously. The entire session took less than four hours.

Republican Gov. Phil Bryant, who called lawmakers into special session, is expected to sign the bill as soon as Friday afternoon. Bryant and the company plan a Monday ceremony in West Point to mark the company's arrival.

"We are proud to welcome this world-leader in tire manufacturing to our great state," Bryant said in a statement.

The company, through its American unit Yokohama Tire Corp., would invest $300 million of its own money in a first phase, hiring 500 workers to make truck and bus tires. In exchange, the state would borrow $70 million to buy land, build infrastructure and train workers.

Yokohama now supplies such tires to the American market through a joint venture plant in Mount Vernon, Ill., as well as importing them from Japan and Thailand. In a Friday statement released from its Tokyo headquarters, the company said a new plant with a capacity of 1 million tires a year is needed "to accommodate the increasingly growing demand for its brand and further strengthen a system aimed at 'local production for local consumption.'"

The company said three additional phases could follow "in accordance with future business growth" bringing company investment to $1.2 billion, total jobs to 2,000, and capacity to 4 million tires a year. The state would borrow and give the company another $60 million to support those phases, $20 million for each additional $300 million phase.

Yokohama, in later phases, could make tires for passenger vehicles, said Brent Christensen, executive director of the Mississippi Development Authority, the state's job-hunting agency. Yokohama's American unit already has a passenger vehicle tire plant in Salem, Va.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,156.85 +24.88 0.15%
S&P 500 2,001.57 +2.59 0.13%
NASDAQ 4,562.1890 +9.43 0.21%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs