The Kumho Tire factory project got another boost Monday, with news about what could be a bond issue of up to $475 million.
“We have all documents and funds for the Kumho Tire bond transaction, and we are pleased to declare it closed,” Atlanta attorney Ben Brooks said in an email to Macon-Bibb County and Kumho officials. “Congratulations to Kumho and the Macon community, and thanks to everyone who worked hard to make this happen.”
The South Korean company was cleared in 2008 for up to $375 million in bonds through the Macon-Bibb County Industrial Authority, but that rose to $475 million in July after Kumho announced it would build a larger plant than originally planned.
Construction of a 1 million-square-foot building on 150 acres in Sofkee Industrial Park was delayed for six years by the global recession. But when the project restarted, Kumho said it would up production from 3.1 million tires per year to 4 million.
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The $600 million project is expected to bring more than 450 jobs, paying an average of $45,000 per year. Production is set to start in early 2016. Central Georgia Technical College is to handle hiring through its Quick Start training program.
To contact writer Jim Gaines, call 744-4489.