Sky Composites Moving to Spartanburg, Bringing $8.4M Investment and 65 Jobs
Sky Composites to Set Up Headquarters in Spartanburg County
Switzerland-based company, Sky Composites, announced their decision to relocate their U.S. headquarters to Spartanburg County. The company specializes in the manufacturing, processing, and global distribution of composite materials. With operations at multiple locations across the country, the company now plans to consolidate its operations into a single facility in Spartanburg, South Carolina.
The move will facilitate the creation of approximately 65 new jobs and is expected to involve an investment of approximately $8.4 million, but not less than $6.72 million, according to the agreement between the company and the Spartanburg County. In the agreement, Virginia-based Carbon-Core and Texas-based Marex Composites were mentioned as companies to merge with Sky Composites in this moving forward process.
Local Authorities Welcome Sky Composites
David Britt, Spartanburg County Council Vice Chairman and Chair of the Economic Development Committee, welcomed Sky Composites to Spartanburg County. Britt expressed his commitment to helping Sky Composites succeed in the region. Speaking on the occasion, he said โWe’re going to do everything in our power to make them tremendously successful.โ
Final Reading and Approval of Agreement
The Spartanburg County Council members on Aug. 19 unanimously passed the third and final reading sanctioning the execution of a fee-in-lieu-of-tax agreement (FILOT). The agreement will replace the traditional property tax with a different set of fees. This milestone in the moving process was finalized after discussions began in December, providing residents of Spartanburg with new opportunities for employment with competitive compensation packages.
A Thriving Business Environment
Spartanburg County has a track record of hosting multinational manufacturing and industrial companies. The county is home to BMW Manufacturing, Canada-based equipment manufacturer Carbotech Group, Omron, a Japan-based global automation solutions provider, and Switzerland-based payment solutions provider Matica Group. Among these prominent establishments, BMW Manufacturing stands out as one of the county’s major employers with 11,000 workers.
Criticism on Fee-In-Lieu-Of-Tax Agreements
Although the practice of FILOTs has faced some criticism for allegedly providing only temporary jobs, authorities argue that these agreements have contributed to the rise in the median income over recent decades. Despite this contention, voters showed their support for this approach in the last election, securing Britt a win with over 62 percent of the vote.
As these agreements continue to drive significant investments into Spartanburg County, they demonstrate a viable strategy for economic development, fostering an environment that attracts international companies to the region. As Britt put it, “We have 217 international companies that call Spartanburg home. We know who the golden goose is: Business and industry.โ
