Honeywell executives and Gov. Jindal announced the company will invest $208 million in new manufacturing projects at its four production sites in Louisiana. The projects are located in Caddo Parish, Baton Rouge (two sites), and Geismar will retain 698 existing jobs and create 42 new direct jobs with an average salary of $68,300, plus benefits. The Honeywell plant in northern Caddo Parish, formerly Universal Oil Products, will invest $99 million into expanding its facility and will create 27 new direct jobs and 80 new indirect jobs in North Louisiana.
“The investments we are announcing today will support our global operations and allow us to produce many new in-demand products to support refining processes that produce fuels and petrochemicals, as well as advanced materials that are environmentally friendly and energy-efficient. The support of the State of Louisiana, as well as local governments, was key in our decision to locate production of key new products at our Louisiana facilities, helping to ensure their future viability,” said Andreas Kramvis, Honeywell Performance Materials and Technologies President and CEO.
Gov. Jindal also said the company is examining the feasibility of additional Louisiana projects that would bring the total new capital investment at Louisiana company sites to $1.2 billion over 10 years.
“Two years ago, we announced Honeywell’s $33 million investment to manufacture new environmentally preferable products here in Baton Rouge because the company took notice of the work we were doing to improve Louisiana’s business climate. Our partnership continues today through an additional round of projects in Ascension, Caddo and East Baton Rouge parishes. We are proud that a global technology leader like Honeywell is choosing to expand its Louisiana manufacturing sites, create more jobs and deliver more performance technologies throughout the world from right here in our state. Indeed, Honeywell joins a long list of technology companies who are expanding in Louisiana because of our strong and continuously improving business climate, world-class infrastructure and incomparable workforce,” said Gov. Jindal.
Specifically, the projects will be at Honeywell Performance Materials and Technologies facilities that include a catalyst production facility in Caddo; fluorine products production operations in Baton Rouge and Geismar; and an adsorbent production facility in Baton Rouge for the UOP business unit of Performance Materials and Technologies
“The citizens of Northwest Louisiana are truly grateful to God and Honeywell for the expansion investment and look forward to many more years of success for the company,” said Caddo Parish Commission President Lindora Baker.
The state and North Louisiana Economic Partners began working with Honeywell on the latest projects in April 2012. To secure the projects, the state provided a competitive incentives package that includes a performance-based Modernization Tax Credit of up to $15.5 million that will be provided in full if the company makes a total capital investment of at least $690 million and creates at least 175 new direct jobs.
"Because of our long standing relationship with the company, NLEP and its state and local partners were able to help Honeywell reaffirm its committment to North Louisiana and other parishes in the state." said Scott Martinez, President, North Louisiana Economic Partnership.
Each of the initial Honeywell projects will be under way by the fourth quarter of 2013, and hiring will take place as the upgrades are completed and new products come online.
About Honeywell Performance Materials and Technologies
Honeywell Performance Materials and Technologies is a global leader in developing and manufacturing advanced materials and process technologies, items used by people every day in a wide range of industries and applications, from petroleum refining to environmentally friendlier refrigerants to bullet-resistant vests. The company’s advanced materials are critical in the manufacture of products ranging from nylon to computer chips to pharmaceutical packaging. Process technologies developed by Honeywell’s UOP business form the foundation for most of the world’s refiners, efficiently producing gasoline, diesel, jet fuel and petrochemicals. UOP is now pioneering technology to produce real fuels from renewable energy sources.
Honeywell is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; turbochargers; and performance materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, visit www.honeywellnow.com.
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