May 16, 2017 Comments Off on Chinese Manufacturer Invests $410M into Arkansas Factory Conversion Views: 550 Arkansas, Midwest, National News

Chinese Manufacturer Invests $410M into Arkansas Factory Conversion

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China’s Shandong Ruyi Technology Group plans to invest $410 million to renovate the former Sanyo manufacturing plant in Forrest City, AR, on Interstate 40 between Little Rock and Memphis, TN. The 1.4-million-square-foot facility will be converted into a textile factory for roughly 800 workers.

Ruyi’s first factory in North America will produce yarn sold to garment manufacturers. Construction is expected to commence later this year on the 161-acre site, and be completed in mid-2018.

The incentive package for Ruyi includes an up to $4-million grant from the state’s Economic Development Commission for job creation, an annual cash rebate equal to 5% of its total payroll for 10 years related to new jobs, and sales tax refunds for building materials, taxable machinery and equipment for the factory.

Read more at Arkansas Business

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