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China’s Shandong Ruyi Technology Group plans to invest $410 million to renovate the former Sanyo manufacturing plant in Forrest City, AR, on Interstate 40 between Little Rock and Memphis, TN. The 1.4-million-square-foot facility will be converted into a textile factory for roughly 800 workers.
Ruyi’s first factory in North America will produce yarn sold to garment manufacturers. Construction is expected to commence later this year on the 161-acre site, and be completed in mid-2018.
The incentive package for Ruyi includes an up to $4-million grant from the state’s Economic Development Commission for job creation, an annual cash rebate equal to 5% of its total payroll for 10 years related to new jobs, and sales tax refunds for building materials, taxable machinery and equipment for the factory.
Dennis Kaiser is Vice President of Content and Public Relations for
Connect Commercial Real Estate. Dennis is a communications
leader with more than 30 years of experience.
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