MD: Retention of Bechtel Power Division to Preserve 1,250 Jobs in Frederick
24 Oct, 2011
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Governor Martin O’Malley recently joined Maryland Senate President Thomas V. Mike Miller and Maryland House Speaker Michael E. Busch to announce that the state’s Legislative Policy Committee has approved a $9.5 million conditional loan to Frederick-based Bechtel Power Corp. that will retain the company’s operations and a minimum of 1,250 full-time jobs in the state through 2018. As a result of the loan, Bechtel Power – a global leader in the design and construction of energy sources and a subsidiary of California-based Bechtel Corp. – will consolidate its operations on its Frederick campus. In addition to preserving 1,250 high paying jobs, the deal will also support an additional 2,300 indirect jobs and generate more than $11 million annually in state taxes.
“Our most important priority continues to be creating and retaining jobs – the kinds of high-wage, highly-skilled jobs that will sustain Maryland’s economy for today and for decades to come,” said Governor O’Malley. “Working with Bechtel’s leadership to retain their operations here, we are preserving 1,250 jobs and ensuring that this innovative company continues to call Maryland home.”
“The State of Maryland makes substantial investments in our public schools and institutions of higher education because we are committed to preparing our workforce for the challenges of the 21st century economy,” said President Miller. “Bechtel recognizes that Maryland’s workforce is among the most talented and innovative in the nation, and I am pleased they will continue to operate in Frederick County.”
“Our number one job is supporting private sector investment and building private sector confidence in Maryland’s economy,” said Speaker Michael E. Busch. “The Sunny Day Fund was created for extraordinary economic development opportunities, like Bechtel. I am pleased that we can make this strategic investment in a growing area of our state to retain 1250 jobs.”
“We are pleased to retain our Power business in Frederick. We first moved to Frederick in 1999 and have found it to be a welcome community to locate our Power business’ headquarters,” said Bill Dudley, Bechtel president and chief operating officer.
The loan funds will come from the Maryland Department of Business and Economic Development’s Economic Development Opportunities Program Fund, also known as the Sunny Day Fund. The approval of the Legislative Policy Committee is required before any funds can be disbursed.
Bechtel Corp. operates through five global business units that specialize in civil infrastructure; power generation; communications and transmission; mining and metals; oil, gas and chemicals; and government services. Since its founding in 1898, Bechtel has worked on more than 22,000 projects in 140 countries on all seven continents. Bechtel’s 65-year old Power Division has a portfolio of more than 400 fossil-fueled plants, 150 nuclear generating units, 50 waste-to-energy projects, 50 coal gasification projects, and a number of commercial applications for renewable energy.