Nokian granted state funding for new US plant
Nashville, Tennessee — In the US, the Tennessee State Building Board Commission has approved $28.4 million (€23.7 million) in financial support for the $360-million tire factory Nokian Tyres Inc. is planning to build in Dayton, Tennessee.
Previously approved capital improvement monies will be the source of most of the state's share of funding — $23.8 million. The remaining $4.6 million will come from Tennessee’s “Fast Track” grant funding approved as part of the fiscal year 2018 budget.
The grant will incorporate the accountability agreement with “clawback“ provisions, which are stipulations that governments use to ensure the targeted company lives up to its employment obligations.
The grant will include a requirement that Nokian provide a 25-percent payment bond securing the state’s grant funding.
Scheduled to open in 2020, the 830,000-sq.-ft. plant initially is projected to around 400 workers.