Governor Jindal said, “Today’s announcement means continued jobs and opportunities for Northeast Louisiana and underscores the importance of our strategic investments to retain businesses and industries. Dow Louisiana has long been one of the largest, most important employers in our state, and this $10.8 million modernization project will ensure that Dow and ANGUS continue to be a major part of our economy for years to come. We will continue to make economic development our top priority so that our sons and daughters will have great career opportunities right here at home.”
This project represents a capital investment of $10.8 million and will retain 174 direct jobs. Louisiana Economic Development estimates the investment will retain 1,686 indirect jobs, along with $40.7 million in retained, state tax revenue and $9.5 million in retained, local tax revenue over the next 10 years. ANGUS expects to complete the project in October 2011 and will require at least 50 construction workers.
LED began working with ANGUS officials in August 2009 to identify resources the company would need to support its modernization. The state is offering a 5 percent refundable tax credit from the Retention and Modernization Program, along with property tax abatement for materials used in new manufacturing from the Industrial Tax Exemption Program. ANGUS was the first company to apply for LED’s Retention and Modernization Program, which was created to facilitate capital investments and upgrades to Louisiana facilities that retain existing jobs while encouraging the creation of new jobs.
ANGUS Site Leader Ernest Green said, “There is growth in our business and our employees and our community have seen evidence of that by the investment we’ve made here in Sterlington. ANGUS has invested $93 million over the last four years in this site. With Gov. Jindal’s focus on retention and the incentive programs he has put in place, ANGUS will be a competitive force for many years to come. The Retention and Modernization Program was a critical tool to improving the reliability of our ANGUS facility. Reliability is a key competitiveness factor in our business. We must work efficiently to make quality products and deliver those products to our customers on time.”
LED Secretary Stephen Moret said, “This project is yet another great example of the value of making business retention and expansion our top economic development priority.”
Governor's Press Release
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