BRADENTON, Fla. — Georgia Gov. Nathan Deal on Tuesday announced the completion of a deal allowing Toyo Tire North America Manufacturing to expand its plant and add up to 470 new jobs in exchange for $910 million of bonding capacity to help finance the project.
The deal was brokered between Toyo and the state’s workforce development program, Georgia Quick Start, as well as the Bartow-Cartersville Joint Development Authority and Bartow County, which is 40 miles north of Atlanta.
“This agreement is a great example of the kind of business-friendly environment we pride ourselves on here in Georgia,” Deal said.
The county has a population of about 100,000.
Some or all of the $910 million of bonds have already been privately placed, according to Bartow County officials.
No other details about the deal were released.
Members of the finance team could not be reached for comment, including the firm of Archer & Lovell PC, which serves as bond counsel.
The Bartow County facility was Toyo’s first consumer tire production operation in the United States.
The 900,000-square-foot, state-of-the-art plant opened in 2006, producing Toyo and Nitto brand tires for passenger cars, sport utility vehicles and light trucks.
The manufacturing facility and warehouse in Georgia serve customers across the country.
The company added another 820,000 square feet in 2008, and enlarged its workforce to 700 people.
Last year, Toyo had already announced it would add another 200 jobs with yet another expansion that had the potential for the workforce to reach 1,340 workers by 2020, after which the prospective deal was first reached to provide the company with the $910 million in bonding capacity.
“Our start-up and growth have proceeded more quickly than planned,” Jim Hawk, president of Toyo Tire North America, said in a statement. “Georgia Quick Start continues to be a significant part of our success. With the continuation of support from the Bartow County Joint Development Authority, we will be in a position to continue our growth.”
Georgia has had a large auto industry for almost a century. More than 230 auto-related manufacturing companies in the state now employ 52,000 workers.