Restrictions on offsetting tax credits impact agribusiness
One of the main changes introduced by the provisional measure is the prohibition of offsetting PIS/Cofins credits with debts from other federal taxes
Earlier this week, JCB broke ground on its new US$500 million factory in North America, located in the state of Texas, in the United States. This is the largest investment in the company's history. The announcement of plans to build a new factory in the country was announced by Cultivar Magazine last year.
The start of construction was signaled in an official ceremony at the site in San Antonio, Texas, where Alice Bamford (pictured), daughter of company president Anthony Bamford, cut the first piece of land. Work on the 67.000 m² factory is underway on a 400-acre site and will create 1.500 new jobs over five years. It will be the company's second largest factory, behind the manufacturer's global headquarters in Rocester, Staffordshire, United Kingdom.
The factory will produce Loadall telehandlers and boom lifts, with production scheduled to begin in 2026. The facility will also have the ability to expand into manufacturing other products in the future.
During the ceremony, the company president, Lord Bamford (pictured), said construction equipment manufacturers sell more than 300.000 machines every year in North America, making the country the largest market in the world. Therefore, “JCB has been increasing its share of this important market steadily in recent years and now is the right time to invest in our manufacturing capacity in North America, where we already have a factory,” he added.
“JCB has really come a long way since we sold our first machine here 60 years ago, and it gives me great pleasure to see how our business has grown in North America. Today is truly a remarkable day in the history of our family company”, he celebrated.
Texas Governor Greg Abbott was present at the ceremony and highlighted the role of the Texas state as the “best state for business for a record 20 years”. “It’s an important milestone in JCB’s journey, which will create 1.500 good-paying jobs for hard-working Texans in Bexar County and bring hundreds of millions in new investment to San Antonio and beyond. 'Made in Texas' is truly a powerful global brand, and I look forward to celebrating JCB's continued success as we work together to build a bigger, better Texas for decades to come,” said Abbott.
JCB's business in North America has progressed increasingly, demonstrating the company's growth opportunities in the country. “This record investment gives us a fantastic opportunity to build on our success and we look forward to the completion of this outstanding new facility,” said JCB CEO Graeme Macdonald.
The Loadall telescopic handler is JCB's best-selling product in North America, which is also the largest scissor lift market in the world. “So it makes a lot of sense to build these two lines here. Texas is an obvious choice for our new North American manufacturing facility, particularly because the state is the largest consumer of construction equipment in the U.S.,” explained Richard Fox-Marrs, president and CEO of JCB North America.
JCB sold its first machine in North America in 1964. The company opened its first factory in Savannah, Georgia, in 2001, and employs 1.000 people there.
The new facility will manufacture machines for customers specifically in North America. JCB currently employs 19.000 people and has 22 factories around the world, including 11 in the UK, seven in India and others in Brazil and China. The company will mark its 80th anniversary in 2025.
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