German industrial giant considers Cobb County facility

June 20, 2018 - 8:01 am

ATLANTA (AP) — The German industrial giant Thyssenkrupp is considering locating a research and development facility in Cobb County and is seeking tax breaks.

Nelson Geter, the executive director of the Cobb Development Authority, tells the Atlanta Journal Constitution that the move could bring as many as 863 new jobs with an average annual salary of $100,000.

In exchange, the authority approved a $264 million "bond-for-title" transaction whereby it would temporarily take over the title for the property and the German company would receive tax breaks for the next ten years. That transaction would have to be approved by the Board of Tax Assessors and validated in Superior Court.

Thyssenkrupp is expected to make a decision by the end of the third quarter.

The conglomerate is Germany's biggest steel company.

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Information from: The Atlanta Journal-Constitution, http://www.ajc.com

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