Glass Tableware Producer, Libbey, Invests $20 Million At Its Shreveport, Louisiana, Manufacturing Plant
Area Development Online News Desk (11/12/2013)
Libbey Inc. will invest $20 million at its Shreveport, Louisiana, manufacturing site, bringing new technology and a research and development component to its operations over the next two years. Its capital investment in glassmaking technology will create 70 new direct jobs.
Louisiana Economic Development said Libbey selected the Shreveport site for additional investment over other U.S. and international sites. “This new investment in technology will enable us to compete more effectively in a broader marketplace. We appreciate the LED’s partnership in working with us to make our vision for this new technology a reality,” said Dan Ibele, Vice President of Global Sales and Marketing.
LED’s Business Expansion and Retention Group began discussing the potential project with company officials in July 2013. Libbey announced a previous modernization of the Shreveport site in June 2011 with a $9 million renovation of an existing glassmaking furnace.
To secure the existing Libbey workforce, the new $20 million investment and to encourage growth of the company’s Shreveport workforce going forward, LED offered the company a new incentive package that includes a $500,000 Modernization Tax Credit to be claimed over five years after the investment is made. The company also is expected to utilize the state’s Quality Jobs and Industrial Tax Exemption programs.
In addition, Libbey may claim Louisiana’s refundable Research and Development Tax Credit on qualified R&D expenditures. For businesses with 100 or more employees, that incentive provides an 8 percent refundable tax credit.
North Louisiana Economic Partnership President Scott Martinez said, “Libbey Glass has been a longtime industry leader in the Shreveport community, and NLEP values the ongoing, positive relationship with the local and corporate leadership of Libbey Glass. NLEP is pleased that the company has chosen Shreveport for this new investment.”
“This is a very encouraging development and I’m certainly pleased to see Libbey Glass maintaining the positive presence it’s held in Shreveport for so many years,” Shreveport Mayor Cedric Glover said. “Libbey Glass is one of our best corporate citizens, and I know the jobs being created as a result of this announcement will be a great boost not only to the prospective employees but to their families as well.”