Toray announces $1 billion investment in SC plant

COLUMBIA, S.C. (AP) — Toray Industries plans to invest $1 billion and hire 500 people over the next decade in Spartanburg County.

South Carolina officials announced Tuesday that the Tokyo-based supplier to the aerospace industry plans to build on 400 acres in Moore. The planned initial investment is among the largest in South Carolina’s history.

The plant will make high-performance carbon fiber. Toray is among the world’s largest producers of carbon fiber.

Toray Industries president Akihiro Nikkaku says the property, accessible to Interstates 26 and 85, provides proximity to its U.S. and Latin American customers. The company announced the plans to its board Monday.

The aerospace industry is growing in South Carolina. According to the Department of Commerce, more than 200 aerospace companies employ 20,000 people in the state.