Michelin plans $175M investment at South Carolina facilities

South Carolina News

Cardboards logo of Michelin are displayed at the entrance of the headquarters of the French tyre group Michelin in Clermont-Ferrand, centre France, on May 11, 2012. Michelin should to temporarily suspend production in May and June at its factories in France and in Spain in response to the economic situation in Europe and the mild winter, said today the newly elected head of Michelin, Jean-Dominique Senard. AFP PHOTO / THIERRY ZOCCOLAN (Photo credit should read THIERRY ZOCCOLAN/AFP/GettyImages)

SPARTANBURG, S.C. (AP) — Tire manufacturer Michelin North America is planning to invest up to $175 million in equipment at its facilities in two South Carolina counties over the next five to seven years.

Company spokeswoman Megan Bagwell says $75 million will be directed at the company’s facilities in Spartanburg County.

The Herald-Journal reports the other $100 million will go towards facilities in Greenville County.

The announcement comes as the company is seeking to update its tax agreement with both counties.

The Spartanburg County Council recently approved the second step for the company’s new tax agreement in Spartanburg County.

The agreement will continue to reduce the tire maker’s property tax rate in exchange for investments.

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