Newpark Resources Announces $41.1 Million Expansion In Carencro, Louisiana
Area Development Online News Desk (10/24/2013)
A manufacture of composite mats for drill-site construction and other applications, Newpark Resources Inc., will invest $41.1 million to expand its Mats and Integrated Services facility in Carencro, Louisiana, doubling both the size of the facility and its estimated output.
According to Louisiana Economic Development, the 50,000-square-foot expansion of the Carencro manufacturing facility will allow the company to meet growing demand for its products from domestic and international customers. The project, which will begin construction in January and be completed by the end of 2015, is expected to create 35 new jobs.
“We are very pleased to be investing in Newpark’s future in Louisiana with our $41 million manufacturing and R&D facility project,” Newpark Resources Inc. President and CEO Paul Howes said. “Newpark already has a strong presence in Louisiana, currently employing 270 people in the state. The incentives offered by the state and by the parish on our expansion project mean we’ll be able to employ even more Louisiana residents in the future. I’d like to thank Governor Jindal and his administration, as well as Parish President Joey Durel and his administration, for making our project possible and helping us bring more jobs to the great state of Louisiana.”
Gov. Bobby Jindal said, “This expansion by Newpark Mats and Integrated Services will bring great new jobs to the Carencro area and continue growing our economy. Since 2008, we’ve improved our state’s business climate by overhauling our governmental ethics laws, streamlining our workforce development programs, reining in government spending and taxes, and enacting landmark reforms. As a result, Louisiana’s business environment now encourages new investment and enables businesses in our state to grow and succeed.”
LED’s Business Expansion and Retention Group, began discussing the potential project with company officials in June 2013 and partnered with the Lafayette Economic Development Authority to attract the Newpark expansion to Carencro over competing out-of-state sites.
To secure the project, the state offered Newpark a competitive incentive package that includes a $1.6 million Modernization Tax Credit incentive and the services of LED FastStart the state’s workforce training program. The company also is expected to utilize the state’s Quality Jobs and Industrial Tax Exemption programs. Upon qualifying R&D expenditures at the new technology center, Newpark will be eligible for the state’s refundable Research & Development Tax Credit.
“With more than 1,300 oil-and-gas-related businesses in Acadiana, the region is the hub for energy production and services in the Southeastern U.S. and the Gulf of Mexico,” said President and CEO Gregg Gothreaux of the Lafayette Economic Development Authority.
“Our community provides an industry-savvy workforce that makes Acadiana very attractive to energy companies. The manufacturing jobs that will be created by Newpark are examples of the quality jobs LEDA strives to maintain and grow in the region through our business retention and expansion program. The addition of Newpark’s research and development arm reinforces the region’s long-standing commitment to innovation and technology that is rooted in the oil and gas industry.”