The Yokohama Rubber Co. has confirmed that it will build a commercial tire manufacturing plant in West Point, Miss. The company says the $300 million facility will have the capacity to produce up to 1 million tires annually.

Mississippi Gov. Phil Bryant signed legislation Friday that allows Yokohama to build the plant. An official announcement will be made on Monday in West Point.

"This is an historic day for Mississippi, and we are proud to welcome this world-leader in tire manufacturing to our great state," Bryant said. "The passing of this legislation will result initially in 500 new jobs, with the potential to create up to 2,000 total jobs, and it will have a positive impact on the state’s economy for years to come."

Under the company’s plan, construction will begin in September, with production slated to begin by October 2015.

Yokohama Rubber has been providing tires to the North American market through GTY Tire Company, a U.S. joint venture company manufacturing truck and bus tires, and through import from Japan and Thailand. Due to growing demand for the product, Yokohama Rubber, however, considered it necessary to build the U.S. facility to strengthen a system aimed at “local production for local consumption.”

The plant will be built on a 500-acre site and represents Phase I of Yokohama’s overall plan for the site. Potential expansions could increase the original business size up to four times in accordance with future business growth.