will benefit from an agreement with Greenville County allowing the company to pay a fee in lieu of taxes for a period of 20 years.
Bob Mihalic, governmental affairs coordinator for Greenville County, confirmed the agreement will allow Con-Pearl to pay an annual fee, due by January 15 of each year. The agreement lasts for 20 years, and will require the company to submit payments equivalent to a six percent tax rate to the state of South Carolina, down from 10 percent. The state's revenue department will then transfer the revenue to the county. A third reading on the agreement was approved unanimously at the county council meeting Tuesday.
Con-Pearl North America’s parent, Friedola-Tech, is a recycled plastics processing and products company, with its main product being a lightweight structural board made of polypropylene. Its finished products are primarily returnable packaging containers used by a variety of industries and in many applications.
The boards are also used as structural supports in applications where a non-rotting, lightweight structural material is required, such as automotive interior and exterior applications, and in construction systems. The innovative product also supports client goals for reduction of carbon emissions and energy saving in the transportation sector, as well as in other industries.