Toray Industries Inc., a Tokyo-based manufacturer, announced plans to invest $1 billion and hire 500 people over the next decade in Spartanburg County.
Gov. Nikki Haley and South Carolina officials announced the investment Tuesday its plans to build on 400 acres off Hwy. 290 in Moore. The property is accessible to Interstates 85 and 26.
Toray announced it will make high-performance carbon fiber for the aerospace industry.
State incentives include $10 million approved in up-front grants to purchase the land ($7 million) for the project and $3 million for infrastructure improvements on the property. Additional tax breaks have been approved after the company meets its jobs and investment goals.
Toray’s planned investment is among the largest in South Carolina's history, according to state Department of Commerce officials. Bridgestone Americas announced in 2011 it would spend $1.2 billion total on Aiken County projects by 2020.