TX: Ascend Performance Materials Invests $1.2B, Creating 100 Jobs
28 Feb, 2013
Gov. Rick Perry announced that Ascend Performance Materials Texas Inc. will construct a new propane dehydrogenation facility in Alvin, Texas, creating 100 jobs and $1.2 billion in capital investment. The state is providing $1 million through the Texas Enterprise Fund (TEF) to close the deal on this expansion and job creation. Execution of the state's agreement is contingent upon finalization of a local incentive package.
"Through our combination of low taxes, predictable regulations, fair courts, skilled workforce and competitive incentives like the TEF, Texas is a national model for creating jobs and prosperity," Gov. Perry said. "Ascend's new facility in Brazoria County, with more than a billion dollars worth of capital investment and the creation of 100 new jobs, further strengthens the Gulf Coast's economy and chemical production industry."
Ascend is a global leader in proprietary technologies central to the production of chemicals, and Nylon 6,6 plastics and fibers. Nylon 6,6 is the material of choice for high performance applications in the engineering plastics and fibers industries globally, and can be found in thousands of commercial and industrial products such as apparel, automotive, building and industrial, chemicals, consumer goods, electronic and military industries. The company has five manufacturing facilities in the U.S., which allow it to develop new products from its core technologies, and provides flexibility to respond to the expanding needs of its customers. This facility will focus on propane dehydrogenation, a method of producing propylene, which is common chemical building block for plastic and synthetic fiber products.
"This project builds on the existing strength of the Ascend position as a global leader in the chemicals and nylon businesses. The active support of the governor's office, as well as that of state and local authorities, has contributed to our progress in the early stages of the development of the project," Tim Strehl said, Ascend president.
"Ascend picked the right place to expand their business," State Sen. Larry Taylor said. "The talented workforce in Senate District 11 and the State of Texas can provide the perfect partners for innovative companies looking to succeed."
"I'm confident that Ascend's propane dehydrogenation facility will bring good jobs and a significant capital investment to the district. It's a sign of the positive direction the Texas economy is heading towards," State Rep. Ed Thompson said. "Having served on an Economic Development Corporation in District 29, I'm committed to see the area prosper and am elated to hear that Ascend has been awarded this TEF grant."
The Legislature created the TEF in 2003 and has re-appropriated funding in every legislative session since then 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 $498.8 million and closed the deal on projects generating more than 67,400 new jobs and more than $19.9 billion in capital investment in the state.