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Chinese Manufacturer Invests $410M into Arkansas Factory Conversion
Connect Industrial is headed to Chicago, June 28th. Here’s where to get more details and register.
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.
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