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Greenville, Spartanburg Counties eye major investment from Volvo

Combined investment of more than $50 million in both counties

Greenville, Spartanburg Counties eye major investment from Volvo

Combined investment of more than $50 million in both counties

CHRIS, THANK. WELL, TWO UPSTATE COUNTIES ARE GETTING CLOSER TO MAKING MAJOR INVESTMENTS WITH VOLVO. IT’S A MOVE THAT THEY SAY WOULD LEAD TO ECONOMIC OPPORTUNITY. OUR TAGGART HOUCK IS FOLLOWING THE STORY AND JOINS US IN GREENVILLE COUNTY WITH MORE TAG. BOTH GREENVILLE AND SPARTANBURG COUNTIES ARE EXCITED ABOUT WHAT’S AHEAD VERY LIKELY MULTIMILLION DOLLAR INVEST MENTS FROM VOLVO. VOLVO IS CLOSE TO INVESTING MORE THAN $50 MILLION IN THE UPSTATE GREENVILLE COUNTY COUNCIL VOTED THIS WEEK ON THE SECOND OF THREE READINGS ON A TAX AGREEMENT FOR THE COMPANY TO INVEST IN TWO EXISTING FACILITY E’S, INCLUDING MAGNA IN PIEDMONT. THEY WOULD MAKE COMPONENTS FOR ITS VEHICLES PRODUCED IN THE CHARLESTON AREA. WHAT THIS ALL MEANS IS, IS THAT VOLVO IS PUTTING SOME OF THEIR EQUIPMENT AND PART OF OUR EXISTING SUPPLY BASE. IT WOULD BE AT LEAST A $35 MILLION INVESTMENT OVER FIVE YEARS IN GREENVILLE COUNTY, IN SPARTANBURG COUNTY. THE COMPANY WOULD INVEST 19 AND A HALF MILLION DOLLARS IN THREE FACILITIES. IT OPENS OPPORTUNITIES FOR THE RESIDENTS IN BOTH GREENVILLE AND SMALLER BERG IN THE UPSTATE AND MAKES THOSE COMPANIES VERY SOLID IN THEIR IN THEIR PATH THAT THEY’RE NOT PUTTING ALL THEIR EGGS IN ONE BASKET. THEY HAVE SUPPLIERS IN DIFFERENT AREAS. A SEEN BY SPARTANBURG COUNTY COUNCILMAN DAVID BRITT WITH ROOM TO GROW. WHEN WE PRODUCE THE FINEST PRODUCT THAT THEY’LL EVER SEE IN ANY OTHER IN ANY OTHER COUNTY OR ANY OTHER FACILITY, THEY’LL TAKE NOTICE OF IT AND I WOULD BET MY LAST DOLLAR THAT $19.5 MILLION INVESTMENT WILL GO UP SUBSTANTIALLY FROM THE
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Greenville, Spartanburg Counties eye major investment from Volvo

Combined investment of more than $50 million in both counties

Greenville and Spartanburg County Councils have passed the second of three readings on a tax break for multi-million dollar investments from Volvo.The investments center around five facilities, which would be used for tooling and equipment for the company's vehicles. In Greenville County, the Swedish vehicle manufacturer would invest at least $35 million in two facilities. In Spartanburg County, Volvo would invest $19.5 million in three facilities. "What this all means is that Volvo is putting some of their equipment in part of our existing supply base," said Kevin Landmesser, Senior Vice President of the Greenville Area Development Corporation. "These suppliers are making components for them as part of the assembly process that goes down to Charleston as part of the assembly process for the cars that go down there.""It really put the icing on the cake on what we've been working for the last, really, 30 years in bringing quality companies to Spartanburg County and the Upstate," said David Britt, Vice Chairman of Spartanburg County Council. "These jobs are high-paying jobs and they offer hope and opportunity to our residents."Britt said that while Volvo makes vehicles in the Charleston area, this is an example of investment spreading from one part of the state to others. In some ways, it's easy to think of BMW in 1992, which not only produces vehicles in Spartanburg County but also has suppliers in the vast majority of South Carolina's counties. "When BMW made their initial investment in Spartanburg, it was $420 million. Today they've invested $13 billion," said Britt. Both counties hope the investment from Volvo leads to more opportunities down the road. "When we produce the finest product that they'll ever see in any other county or any other facility, they'll take notice of it and I would bet my last dollar that $19.5 million investment will go up substantially from there," said Britt.

Greenville and Spartanburg County Councils have passed the second of three readings on a tax break for multi-million dollar investments from Volvo.

The investments center around five facilities, which would be used for tooling and equipment for the company's vehicles.

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In Greenville County, the Swedish vehicle manufacturer would invest at least $35 million in two facilities. In Spartanburg County, Volvo would invest $19.5 million in three facilities.

"What this all means is that Volvo is putting some of their equipment in part of our existing supply base," said Kevin Landmesser, Senior Vice President of the Greenville Area Development Corporation. "These suppliers are making components for them as part of the assembly process that goes down to Charleston as part of the assembly process for the cars that go down there."

"It really put the icing on the cake on what we've been working for the last, really, 30 years in bringing quality companies to Spartanburg County and the Upstate," said David Britt, Vice Chairman of Spartanburg County Council. "These jobs are high-paying jobs and they offer hope and opportunity to our residents."

Britt said that while Volvo makes vehicles in the Charleston area, this is an example of investment spreading from one part of the state to others.

In some ways, it's easy to think of BMW in 1992, which not only produces vehicles in Spartanburg County but also has suppliers in the vast majority of South Carolina's counties.

"When BMW made their initial investment in Spartanburg, it was $420 million. Today they've invested $13 billion," said Britt.

Both counties hope the investment from Volvo leads to more opportunities down the road.

"When we produce the finest product that they'll ever see in any other county or any other facility, they'll take notice of it and I would bet my last dollar that $19.5 million investment will go up substantially from there," said Britt.