A Luxembourg maker of trailers that carry exceptionally heavy, long, wide or high loads will invest more than $100 million (€92 million) and create 500 jobs in a new US manufacturing site as it works to claim its place in the world’s largest economy.
The Faymonville Group is based in Weiswampach and employs 1,400 people at production sites there and in Lentzweiler, Belgium, Poland and Italy. The factory – which could grow to 58,000 square meters – will be located in Little Rock, the capital of the US state of Arkansas, the company said on Tuesday.
“What we particularly appreciate about the American market is its enormous potential, its practical and solution-oriented mindset, as well as the much simpler administration than in Europe,” said Paul Hönen, Faymonville Group’s US market representative.
Arkansas officials offered the company special tax inducements that would subsidise Faymonville Group’s hiring, payroll, construction and equipment costs, the Arkansas Democrat-Gazette newspaper of Little Rock reported. Production is expected to start in early 2026, the company said.
The seventh-generation family business has been selling into the US since 2016 and generated around €460 million in revenue in 2023, a press release said.
Also read:Luxembourg companies employ 40,000 in the US
Luxembourg-based companies like satellite operators SES and Intelsat, steel maker ArcelorMittal, telecommunications company Millicom and freight airline Cargolux together employed about 40,000 people in the US in 2021, researchers at Johns Hopkins University in the US said in a report last year. That was an employment impact in the US greater than larger EU countries like Austria, Norway and Poland, the study of jobs, investment and trade between the US and EU found.
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Publish date : 2024-10-31 08:13:00
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