Tool maker invests $50 million; plant will employ 100
A Hong Kong tool manufacturer will open a new warehouse and distribution center here this summer that represents a $50 million investment.
Techtronic Industries Co. (TTI) announced Monday the company plans to locate in the former ADS Logistics Service building in the Meadowcreek Industrial Park. The building has been vacant since early 2016.
Council gave approval of a third and final reading of a tax break for TTI that includes a 6 percent fee-in-lieu and special source revenue.
The company will create 100 new jobs.
For confidentiality purposes, the company was known as Project Diamondback during its negotiations with the county.
Founded in 1985, TTI is a world leader in cordless technology spanning power tools, outdoor power equipment, floor care appliances and accessories for consumer and industrial users.
The company has corporate headquarters in Anderson, and reported $7 billion in U.S. sales in 2018, its ninth consecutive year of revenue growth.
TTI’s parent company is One World Technologies, which makes Rigid-brand tools sold exclusively at Home Depot franchises.
“We are excited beyond belief to be in Cherokee County,” said Mark Rowe, general counsel for TTI Group. “We are a fast-growing company and look forward to expanding our operations in Cherokee County.”
“Cherokee County welcomes TTI to our community,” said Cherokee County Council Chairman Tim Spencer. “Their investment of $50 million and the creation of 100 new jobs will greatly increase the standard of living for many Cherokee County residents. We appreciate TTI for selecting Cherokee County for their project.”
Cherokee County is required by state law to place the economic development project in a multicounty industrial park and share at least 1 percent of revenue with another county, according to economic development director Jim Cook.
Council gave final approval Monday to place TTI in an existing joint industrial park with Spartanburg County. Cook said Cherokee County receives 1 percent from similar projects in Spartanburg and York as part of a state law designed to ensure all counties benefit from new economic development projects.