French tyre giant Michelin has unveiled plans to significantly boost production in the US.
The firm has revealed that it will invest $750 million (£470 million) to build a new plant in Anderson County, South Carolina, and expand an existing plant in the state which is located in Lexington.
The new expansion, which is expected to create around 500 jobs, is designed to cope with increased demand for large tyres used on earthmover vehicles.
The tyres are designed to last a long period of time and withstand the demands of working in the heavy construction and mining sectors.
In a telephone interview with Reuters, Michelin North America president Pete Selleck revealed that global demand for the tyres is on the rise.
"Earthmover tyres are a special breed right now," Selleck said.
Sales of earthmover tyres increased by more than 20 per cent between 2009 and 2011, with nearly every tyre sold before it is produced.
Posted by Danielle Barge