COVINGTON, Ga. (AP) — A unit of a Thai chemical company will spend $48 million to expand production in Georgia, citing strong demand because of the coronavirus pandemic for synthetic fibers used in face masks and wipes.
FiberVisions, a unit of Indorama Ventures, will expand its factory east of Atlanta in Covington, the company announced Tuesday. It will create 21 additional jobs making polyolefin fiber, with a new fiber production line scheduled to be installed by June. The fibers are also used in diapers and other products.
The company currently employs about 350 people at locations in Covington, Athens and at a Duluth headquarters for FiberVisions. The Covington factory employed 230 people in 2019, according to city of Covington documents.
State officials did not immediately disclose how much in tax incentives and other aid that state and local governments would offer Indorama. Indorama will qualify for a Georgia state income tax credit that allows the company to deduct $3,000 per job from its income taxes for five years.
Other incentives could include cash given from the state to local governments to improve infrastructure, and property tax breaks given by local governments.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Wondering what the next stocks will be that hit it big, with solid fundamentals? Click the link below to learn more about how your portfolio could bloom.
Get This Free Report
