LA: American Tank Company to Invest $2M in New Iberia Mfg. Facility
24 Jul, 2013
Gov. Bobby Jindal and American Tank Company executives Larry Romero and Rochelle Romero announced American Tank will invest $2 million to build a new manufacturing facility in New Iberia. The new facility will allow the company to improve efficiency in the production of bolted storage tanks for the oil and gas industry and other sectors. Through the project, the company will create 20 new direct jobs averaging $32,000 per year, plus benefits. LED estimates the project also will result in 27 new indirect jobs.
Gov. Jindal said, “The American Tank Company has grown with us as we’ve worked tirelessly to improve our state’s business climate and provide opportunities for our people, and today’s announcement is the latest example of their commitment to Louisiana. This company is a perfect example of the fortitude and ingenuity of Louisiana-based employers that have recognized the value of doing business in our state. For years, American Tank has demonstrated the confidence they have in our infrastructure, our strong business climate and our incomparable workforce – and today’s expansion is further proof of that commitment. Their growth will continue to support Louisiana’s economic momentum and create new job opportunities for future generations in Acadiana and throughout our state.”
American Tank Company designs and manufactures its own line of field-erected bolted tanks. These storage tank solutions are applicable in the domestic and international oil and gas, wastewater, municipal water and dry bulk markets. Additionally, the company manufactures bolted-style factory coated walkways and stairways commonly used on oilfield storage facilities.
The company recently purchased 8 acres next to its existing New Iberia facility for the construction of the state-of-the-art fabrication center. The manufacturing and office space of the company will increase from 5,000 square feet to 20,000 square feet, and the project will provide new equipment and enclose some manufacturing processes that previously were performed outdoors. The expansion of the company’s facility will allow it to serve Gulf Coast clients more efficiently while maintaining quality service and competitive prices for customers.
"Louisiana is and always will be the home of American Tank Company, Inc.,” said Larry Romero, President of American Tank Company. “Louisiana Economic Development has opened new doors of opportunity and provided incentives to accelerate our manufacturing expansion goals. American Tank Company, Inc. will work parallel with Louisiana Economic Development to create more manufacturing, engineering and construction jobs in Iberia Parish. The logistics of southern Louisiana play a significant role in our goal to increase our international exports. Our everyday goal is to improve the quality of life of our employees, one tank at a time.”
Company leadership expects the expansion to further establish American Tank as a leader in oil and gas services. The company maintains 95 percent of its project spending in-state and is committed to using as many Louisiana-based vendors as possible.
The state began working with American Tank on the new project in June 2012. To secure the expansion, the state offered the company a performance-based, $275,000 loan from Louisiana’s Economic Development Loan Program. American Tank is also expected to utilize the state’s Quality Jobs and Industrial Tax Exemption incentives.
The expansion project will begin this summer, with an expected completion date in the second quarter of 2014. Hiring of the new positions will be completed during the first year of operation in the new facility.
“This is another great indication that Iberia Parish is open for business,” said President and CEO Mike Tarantino of the Iberia Industrial Development Foundation. “American Tank could have put this expansion anywhere but chose to invest right here. It’s growing businesses like these and the hard work of our skilled workforce that makes Iberia Parish the first choice for projects just like this.”
“This announcement is great news for Iberia Parish: Expansion projects like these mean more jobs and more opportunities for our hard-working citizens,” said Iberia Parish President Errol “Romo” Romero. “We appreciate American Tank’s commitment to expanding their business right here at home.”
About American Tank Company
Since 1987, American Tank Company has provided high-quality bolted storage tanks to the oil and gas industry in Louisiana and across the Gulf Coast. American Tank Company is committed to Louisiana, with a majority of its vendors based in the state. For more information, visit www.americantankco.com.