Cooper Tire & Rubber Co. is seeking $20 million in state money, plus another $18 million from Tupelo and Lee County to upgrade its plant in Tupelo.
As reported today by the Daily Journal’s Bobby Harrison, Cooper promises to keep at least 1,300 jobs for 10 years.
The company, which has been in Tupelo since 1984, currently employs 1,600 with an annual payroll of $80 million.
Cooper is looking at investing $140 million worldwide for a modernization plan that would include Tupelo.
An excerpt from the story:
David Rumbarger, CEO of the Lee County-based Community Development Foundation, said the hope is to lure Cooper to spend those modernization funds at the Tupelo plant. Rumbarger and Cooper officials met with Gov. Phil Bryant and legislative leaders about the possibility of passing legislation during the ongoing session to commit the funds to the Cooper project.
Cooper CEO Roy Armes said the goal is “to modernize our facility to make it more globally competitive.” Cooper also has plants in Mexico and China that Tupelo is in competition with for the company’s planned $140 million investment.
Read more of Bobby’s story by clicking here.