Saturday, April 13, 2024

Life for Tyres to Build $46 Million Recycling Facility in Louisiana

by BIZ Magazine

Reserve, Louisiana – Life for Tyres Group Limited, a leading end-of-life tire recycling company based in Europe, has announced plans to invest $46 million in establishing its first U.S. processing facility in Louisiana. The facility, named L4T Louisiana LLC, will be constructed on 10 acres of land at the Port of South Louisiana.

The plant will focus on converting end-of-life tires into high-quality sustainable commodities, including advanced biofuel feedstock, recovered carbon black, and scrap steel. It is expected to create 46 direct new jobs in St. John the Baptist Parish, with an additional 151 indirect new jobs estimated by Louisiana Economic Development, totaling 197 potential new jobs in the Southeast Region.

Governor Jeff Landry hailed the investment as a significant boost to the state’s economy and emphasized its support for local industries, particularly oil and gas and petroleum chemical companies. Life for Tyres Group’s patented technology enables the production of high-quality secondary raw materials while significantly reducing greenhouse gas emissions compared to conventional tire recycling processes.

Tilen Milicevic, CEO of L4T, expressed excitement about expanding operations in the U.S. and highlighted Louisiana’s favorable industrial ecosystem, skilled workforce, and strategic location as key factors influencing the company’s decision. The Port of South Louisiana CEO, Paul Matthews, welcomed the project, emphasizing its alignment with the port’s sustainability goals and potential benefits for the local community.

The Louisiana state government offered a competitive incentives package to secure the project, including LED FastStart workforce development solutions and a $1 million Performance-Based Grant for site improvements. The company is also expected to participate in Louisiana’s Industrial Tax Exemption and Quality Jobs programs.

Michael Hecht, president and CEO of Greater New Orleans, Inc., lauded the arrival of Life for Tyres as a driver of economic growth and job creation in the Greater New Orleans region. He emphasized the company’s innovative approach to tire recycling, which aligns with Louisiana’s vision of becoming a leader in sustainable energy practices.

Life for Tyres Group specializes in manufacturing sustainable commodities from waste tires and owns the largest upcycling facility of its kind in Europe. The company’s expansion into Louisiana marks a significant milestone in its global expansion strategy.

Interested individuals can register for job opportunities, hiring events, and news updates related to Life for Tyres on their website. For more information about the company, visit L4TGroup.com.

Louisiana Economic Development (LED) is responsible for fostering economic growth and attracting investment to the state. In 2023, LED facilitated over $25 billion in capital investment, resulting in the creation of 19,000 potential new and retained jobs.

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