Chinese textile company Keer Group is planning investment of $65 million to double the capacity of its yarn-spinning facility in Lancaster County, South Carolina, and introducing incentive schemes to curb the mill's high turnover rate.
Chinese companies' direct investment into the US has gone up by 144 percent in the first five months through May 2014 from a year earlier, hitting $2.03 billion, while the total amount dropped 10.2 percent year-on-year, according to the Ministry of Commerce.
Keer Group, Chinese textile manufacturer and yarn spinner to invest $218 million to establish its U.S. operations, which will be named Keer America Corp., in Indian Land, S.C. The investment includes construction of a 230,000-square-foot manufacturing facility and the creation of 501 jobs to Lancaster County, South Carolina over the next five years.
The Keer Group is building its first facility outside China. But in exchange for bringing jobs to South Carolina, the company will pay less than half of the property tax rate and receive a 7.7 million dollar bond to help pay for construction.
