TX: Gov. Perry Announces TEF Investment Bringing 190 Jobs to Wichita Falls
28 Oct, 2010
Gov. Rick Perry today announced the state is investing $1.06 million through the Texas Enterprise Fund (TEF) in Latex Foam International Holdings Inc. to expand its manufacturing operations in Wichita Falls. This investment will create 190 jobs and generate an estimated $32.7 million in capital investment in the area.
“As Texas’ economy continues to create jobs and receive positive attention for our low taxes, fair and predictable regulatory climate, educated workforce and programs like the Texas Enterprise Fund, companies from around the world are looking to the Lone Star State as the ideal place to grow their business,” Gov. Perry said. “I expect Latex Foam International will enjoy the benefits of doing business in Wichita Falls and creating jobs in Texas for many years to come.”
Latex Foam International is a manufacturer of bedding products, including Talalay latex pillows and mattress cores. The company recently consolidated some assembly operations from California and Georgia in Wichita Falls, and plans to expand its latex manufacturing operations in this location, which provides a lower operating cost and central distribution area for their products.
“We are humbled by the investment the State of Texas has made in our company,” Latex Foam International COO Dave Fisher said. “The Texas Enterprise Fund played a key role in our decision to move to Texas. Wichita Falls is an ideal location for our operations and will help Latex provide more consistent and improved on-time delivery to our customers in the West, Central, and Southeastern parts of the U.S.”
“With the arrival of Latex International we have four bedding manufacturers in Wichita Falls,” Wichita Falls Mayor Glenn Barham said. “In the space of one year, thanks to Governor Perry and two TEF Awards, we have become the bedding capital of North Texas.”
“Competition for quality jobs across America is fierce, and we compete every day to win deals for Texas and Wichita Falls,” Wichita Falls Chamber of Commerce President and CEO Tim Chase said. “The TEF program is the best closing incentive in the nation, helping close deals like this one with Latex Foam International, and bringing jobs and investment to our local communities.”
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 $415.8 million and closed the deal on projects generating 55,027 new jobs and more than $14.6 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.