BREAKING: Volvo eyes Upstate for $42M investmenet

Breaking news from GSA Business Report Click here to view this message in a browser window. Share with a friend: BREAKING NEWS Sept. 20, 2022 Volvo sedans roll off the assembly line in Ridgeville. (Photo/File) Volvo Cars could invest $42M in Upstate sites By Ross Norton rnorton@scbiznews.com The Greenville County Council agenda for today's 6 p.m. meeting includes a hearing on a fee in lieu of taxes for Volvo Cars USA that could lead to a $42 million investment in one or two Upstate suppliers for the Swedish company's Ridgeville assembly plant. The Greenville Area Development Corp. today confirmed reports that Volvo Cars USA is seeking the fee-in-lieu-of-taxes agreement to invest more than $42 million in a tooling facility. The GADC said in a statement that Volvo Cars USA does not intend to build a new facility but will invest in the work of an existing business. "In the automotive industry, strategic investments are often made by brands such as Volvo Cars USA with select suppliers to have certain work, such as tooling or mold preparation, done at the facilities of those partners," the statement said. "Such is the case in this pending agreement with Greenville County." The proposed FILOT agreement is on the Greenville County Council agenda for their meeting today at 6 p.m. See more details online. Coverage of the council action, if any, will be posted later this evening at GSA Business Report. Reach Ross Norton at rnorton@scbiznews.com. Subscribe to GSA Business Report for daily email updates, exclusive print-edition stories and annual special publications. SC Biz News 35 Cessna Court, Suite B, Greenville, SC 29607   Unsubscribe/manage the emails you receive from us