TOKYO, Japan (WTVA) --- Yokohama Rubber Co., Ltd., announced Friday morning plans to construct a new plant near West Point to manufacture truck/bus tires in the United States.
The Japanese tire maker plans to invest $300 million to build the facility that is expected to manufacture one million tires annually.
The facility would employ 500 workers initially, but company officials say they have three possible future expansion phases that would increase jobs and quadruple production.
The company says the plan to build in Clay County hinges on legislative approval of an incentive plan during a special session on Friday in Jackson.
If approved, construction would begin on the plant in September and company officials expect to begin production in October of 2015.
The location is a 500-acre site believed to be at a recently designated megasite north of West Point.
Company officials say the site will offer them potential for future growth at the Clay County plant.
Lawmakers are being asked to authorize $70 million for the project, including funding to buy the land and to build infrastructure.
The money would also be used to build a training center.
Local governments, TVA, Atmos Energy, and the Appalachian Regional Commission are also expected to assist with funding incentives.
Yokohama also operates a manfuacturing facility in Salem, Virginia.