News
November 10, 2006
INVISTA Plans $35 Million Facility Upgrade
11.10.2006
Chronicle Independent
By Jim Tatum
The $35 million dog now has a name.
Invista is preparing to invest some $35 million in Kershaw County during the next 10 years. And Tuesday night, Kershaw County Council is expected to give final approval to a fee-in-lieu of taxes (FILOT) agreement that will cement the deal for this economic development initiative known most recently as "Operation Greyhound".
The agreement is based on INVISTA potentially investing substantial capital at the May Plant site that will modernize manufacturing operations through updated technology and improve efficiency, INVISTA spokeswoman Erica Taylor said.
"INVISTA remains in a challenging industry," Taylor said. "These upgrades will potentially assist the site in increasing competitiveness and remaining a viable entity that can provide good jobs for individuals in Kershaw County and surrounding areas. Management's willingness to potentially invest substantial capital in the Camden INVISTA site shows the confidence management has in the site and its employees."
While this investment is not expected to create new jobs in the near future, it will still help increase the county's tax base. Just as important, it clearly demonstrates that the company is committed to remaining and growing in Kershaw County, said Kershaw County Council Chairman Steve S. Kelly Jr.
"That ($35 million) is very significant," Kelly said. "It certainly substantiates INVISTA's presence in and commitment to Kershaw County. We're very pleased that they have comitted to making this investment."
During its October 28th meeting, council approved second reading of an ordinance for a FILOT agreement for an economic development effort known as Operation Greyhound. According to County Economic Development Director Nelson Lindsay, the FILOT is a standard agreement which will establish the company's new assessment ratio at 6 percent, down from 10 percent. Under the agreement, the company, which currently has facilities in Kershaw County, will spend $35 million in upgrades and modernizations to its existing facilities in Kershaw County, with the company investing the first $5 million by December 31, 2010.
"As always, council looks forward to working with them as they expand their business," Kelly said. "We've always had a good relationship with them and that will certainly continue."
"INVISTA appreciates the interest of Kershaw County in its economic development efforts," Taylor said. "INVISTA thanks Kershaw County for assisting it in bringing potential substantial capital investments to Camden and Kershaw County."
INVISTA, which became part of KoSa, a subsidiary of Koch Industries, in 2004, is a global producer of commodity and specialty polyester fibers, polymers and intermediates. It is the largest employer and taxpayer in Kershaw County.
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