COLUMBIA, S.C. - Toray Industries plans to invest $1 billion and hire 500 people over the next decade in Spartanburg County.

The Tokyo-based supplier to the aerospace industry announced plans Tuesday to build on 400 acres in Moore that provides access to Interstates 26 and 85. The planned investment is among the largest in South Carolina's history.

The plant will make high-performance carbon fiber. Toray is among the world's largest producers of carbon fiber.

Toray Industries president Akihiro Nikkaku says the property provides proximity to U.S. and Latin American customers.

The aerospace industry is growing in South Carolina. According to the Department of Commerce, more than 200 aerospace companies employ 20,000 people in the state.