Sky Composite Relocating to Spartanburg Injecting $8.4M and Generating 65 Jobs
Spartanburg County, long known for its business-friendly environment, is set to welcome another major player to its thriving industrial scene. Switzerland-based Sky Composites, a company specialized in composite materials related to manufacturing, processing, and global distribution, has announced plans to relocate its U.S. headquarters to the area. The move is heralded to inject up to $8.4 million into the local economy and create around 65 new jobs, in a significant boost for the county.
A Major Investment for Spartanburg County
According to the agreement signed with Spartanburg County, the company’s investment may reach up to $8.4 million, but won’t fall below $6.72 million. The commitment marks a significant milestone for the county and offers many exciting opportunities for local residents and businesses.
Merging Companies in the Move
The relocation to Spartanburg isn’t the only change for Sky Composites. The company will also merge with Virginia-based Carbon-Core and Texas-based Marex Composites as part of the move, strengthening the collective resources and enhancing their market position.
Local Reactions to the Move
No one could be happier about the move than Spartanburg County Council Vice Chairman David Britt, who chairs the county’s Economic Development Committee. He stated, โWe’re going to do everything in our power to make them tremendously successful.โ Britt explained that the process of attracting the company to the county began back in December and promised it would provide good benefits and pay for the local population.
FILOT Agreements in Spotlight
The Fee-In-Lieu-Of-Tax agreement (FILOT), approved by the County Council members, replaces property taxes with different fees. Detractors of such agreements claim they only serve to attract temporary jobs, given their focus on investment rather than job creation. But supporters, like Britt, defend them citing the rising median income in the county over the recent decades thanks to such initiatives.
A Continuation for Multinational Investments
Spartanburg County has long been a hotspot of attraction for multinational manufacturing and industrial companies, thanks to its business-friendly environment. Home to 11,000 worker-strong BMW manufacturing unit and housing various other international companies, the area has made the news on numerous occasions for multi-million-dollar investments. Recent arrivals include Omron, a Japan-based global automation solutions provider, and Canada-based equipment manufacturer Carbotech Group, both of whom announced multi-million-dollar investments.
With the arrival of Sky Composites, Spartanburg County continues to grow as a hub for international businesses providing well-paying jobs and pumping money into the local economy. Vice Chairman Britt remains committed to continuing these large investments and predicts more FILOTs, earmarking a prosperous future for Spartanburg and its residents.
