Rail project to benefit tiremaker
BY COREY DAVIS
Thursday, January 11, 2018
The North Carolina Railroad Co. made a substantial investment to bring freight rail infrastructure to the Triangle Tire Co. operation locating in the 1,449-acre Kingsboro megasite in Edgecombe County.
The company is investing $2.5 million through its economic development initiative called North Carolina Railroad Invests in design and construction of a rail spur and storage tracks for Triangle Tire Co. Scott Saylor, president of North Carolina Railroad Co., said the company is committed to assisting all of the state’s industrial megasites with freight rail instructure needs should employers choose to locate in North Carolina.
The Kingsboro megasite is one of four megasites in the state. Kingsboro received the first CSX Select Site Designation a few years ago, which meant the advanced manufacturing site in Eastern North Carolina was ready for development.
Triangle Tire Co., which is one of the biggest Chinese tiremakers, announced plans in December to create 800 jobs by 2023 at the Kingsboro megasite.
“Companies like Triangle Tire require significant infrastructure like rail to meet their needs, and this is another example of North Carolina’s competitiveness in attracting a large-scale manufacturer,” Saylor said. “The North Carolina Railroad is a champion of our state’s efforts to secure large projects and we are proud to be a part of this exciting announcement.”
Trinagle Tire is making an investment of nearly $580 million — the largest manufacturing investment ever in rural North Carolina. The company will construct a passenger tire facility as part of phase one and a commericial tire facility as part of phase two.
The company expects to complete both phases by 2023. Once both facilities reach production capacity, Triangle expects to produce six million tires annually in North Carolina.
Bill Kincheloe, vice chairman of the North Carolina Railroad Co., said Triangle Tire Co. brings tremendous opportunities to Eastern North Carolina.
“Edgecombe County and the Carolinas Gateway Partnership have worked to ensure the Kingsboro site is ready to attract a significant employer, and this announcement with the North Carolina Railroad Co. and other key partners, as well as the resulting construction, will have a very meaningful impact on the region.”
State officials said Triangle Tire Co. could get up to $152 million in incentives from the project. The company will receive $66 million in state incentives and $86 million from Edgecombe County. The project is estimated to contribute more than $2.4 billion to North Carolina’s economy.
The Edgecombe County operation is expected to pay an average wage of $56,450, which is almost double the county’s average wage of $32,642.