Yokohama Tire Corporation Selects North Carolina for Technical Development Center, Creating 56 Jobs
Governor Pat McCrory, N.C. Commerce Secretary John E. Skvarla, III, and the Economic Development Partnership of North Carolina (EDPNC) announced today that Yokohama Tire Corporation will establish a Technical Development Center in North Carolina. The company will invest nearly $2.7 million on the Center over a period of three years, creating up to 56 jobs in the process. The target site will be the City of Concord in Cabarrus County.
“North Carolina’s leadership in motorsports and automotive components are helping bring great jobs to North Carolina,” said Governor McCrory. “Yokohama Tire Corporation’s new Technical Development Center will build on skills and expertise few destinations anywhere can match.”
Yokohama Tire Corporation is the North American manufacturing and marketing arm of Tokyo, Japan-based The Yokohama Rubber Co., Ltd. (YRC), a global manufacturing and sales company of premium tires. These tires include passenger cars and light trucks, commercial truck and bus and off-the-road mining and construction equipment. Founded in 1917, the company [Tokyo Stock Exchange: 5101] maintains a worldwide workforce of more than 22,000. Yokohama Tire Corporation’s products are widely recognized for their innovation and high performance.
“The arrival of this leading global tire supplier adds another top name to North Carolina’s transportation equipment sector,” said Secretary Skvarla. “Yokohama’s new testing and development facility will utilize top-notch engineering mindpower and our rich pool of talent in high-performance automotive components.”
Yokohama’s Technical Development Center will employ engineers, technicians, management staff and others. The company’s annual payroll impact will add up to $4.5 million to the local economy.
“The establishment of the Yokohama Technical Development Center in North Carolina is yet another testament to our commitment to the North American market,” said Tetsuya Kuze, Vice President of Yokohama Corporation of North America, a wholly-owned subsidiary of YRC and which oversees all Yokohama-related operations in North America including sales and marketing, manufacturing, technical development, long-term corporate planning and investment. “With a Technical Center in the United States, we accelerate our ability to deliver new tire products to both the original equipment and replacement tire markets.”
Kuze added, “After extensive research for the ideal location to consolidate our R&D activities, we found North Carolina to have the perfect combination of a high quality workforce and close proximity to a major international airport.”
Yokohama Tire Corporation’s arrival in North Carolina was facilitated in part by a performance-based grant of up to $150,000 from the One North Carolina Fund. The One NC Fund provides financial assistance in support of local governments in creating jobs and attracting economic investment. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All One NC grants are contingent upon a local government match.
Since Governor McCrory entered office in January of 2013, North Carolina’s economy has generated more than 300,000 jobs.
In addition to North Carolina Commerce and EDPNC, other key partners in the project include the North Carolina General Assembly, North Carolina Community College System, City of Concord, Cabarrus County and Charlotte Regional Partnership.