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Gov. Rick Perry today announced the state is investing $550,000 through the Texas Enterprise Fund (TEF) in Coll Materials Exchange for the company’s expansion into Waco. Contingent upon the completion of a local incentive agreement, this investment will create 111 jobs and generate an estimated $5.9 million in capital investment.
“Employers from around the nation and all over the world continue to seek the job-friendly climate we’ve created in Texas with our low taxes, reasonable and predictable regulations, fair legal system and skilled workforce,” Gov. Perry said. “This TEF investment will help with Coll Materials’ expansion into Waco, create jobs for 111 Texans and generate millions of dollars into the City of Waco’s local economy.”
A national post-industrial and post-consumer plastics recycling company, Coll Materials Exchange uses state-of-the-art equipment to process plastic scrap into pellets for reuse and resale. Processed material is sold to plastic manufacturers for various uses, including thermoformers, injection molders, structural foam molders and vacuum formers. This TEF investment will allow the company to expand its current operations to the Southwest, where the combined capacity of the two plants will produce more than 100 million pounds per year, with the capability for growth.
“Coll Materials is excited about doing business in Texas, specifically in the great City of Waco,” Coll Materials Exchange President and CEO Brian Coll said. “The State of Texas and Texas Enterprise Fund, as well as the economic development representatives and officials in the City of Waco and McLennan County, have been tremendously helpful in providing competitive incentives, assisting with the details of doing business, and responding promptly to our questions.”
“The quality jobs that will be created by Coll Materials are a testament to the business climate and collaborative support that growing companies find in Waco, McLennan County and the State of Texas,” said Jim Vaughan, president/CEO of the Greater Waco Chamber of Commerce.
“I am pleased to announce the culmination of months of work with state leadership, the Greater Waco Chamber, Sen. Birdwell's office, my office, and other stakeholders to bring a new business to the Waco/McLennan County area,” Rep. Doc Anderson said. “This investment by the Texas Enterprise Fund is a testament to the vitality of our region and the great team we have in place working with leadership to bring jobs and growth to Waco. We welcome Coll Materials to the heart of Texas, with their exciting potential, and look forward to a mutually productive relationship.”
The legislature created the TEF in 2003 and re-appropriated funding in 2005, 2007 and 2009 to help ensure the growth of Texas businesses and create more jobs throughout the state. TEF projects must be approved by the governor, lieutenant governor and speaker of the House. The fund has since become one of the state’s most competitive tools to recruit and bolster business. To date, the TEF has invested more than $434.7 million and closed the deal on projects generating 59,136 new jobs and more than $14.7 billion in capital investment and more than $14.7 billion in capital investment in the state.
For more information about the TEF, please visit http://www.texaswideopenforbusiness.com/financial-resources/texas-enterprise-fund.html or http://www.governor.state.tx.us.
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