BATON ROUGE – From Economic Development of Louisiana:
Placid Refining, an independent petroleum refiner, announced it is investing $66 million to move its Dallas headquarters to Baton Rouge and modernize its existing Port Allen facility.
The Company expects to create 20 new direct jobs and retain all 215 current jobs at the Port Allen site. Louisiana Economic Development estimates that the project will result in 88 new indirect jobs, for a total of 108 new jobs in the capital area.
“Louisiana’s business climate has never been stronger, and companies like Placid are seeing our state’s growth and want to be a part of it,” said Gov. John Bel Edwards. “This is most evident in the scale and pace at which companies are reinvesting in the state. I applaud Placid for creating new opportunities by making Baton Rouge its new home while building on its current operations. ”
Placid produces a full line of transportation fuels for a variety of industries and supplies jet fuel to the US Department of Defense. The West Baton Rouge site, which has been in operation since 1975, has the capacity to refine up to 82,000 barrels per day of crude oil. The new investment will improve refining processes at the Port Allen facility and strengthen Placid’s competitive position in the state.
“This announcement is about expanding our operations and centralizing in Louisiana,” said Placid President Rob Beadle. “Placid has a long history in the state, with operations centralized in Port Allen employing generations of families, sometimes more than one member of a household. This investment is about moving our headquarters from Texas so we can better support our operations here at home.”
Placid completed the purchase of its new corporate headquarters on Fourth Street in downtown Baton Rouge in January. Improvements at the Port Allen facility will continue over the next five years as the Company seeks to expand its footprint in the southern Gulf.
“We are pleased to have a premier partner in Placid Refining to drive transformative growth in West Baton Rouge,” said Executive Director of the West Baton Rouge Chamber of Commerce, Anna Johnson. “With the team’s expertise and Placid’s network and success, they are poised to build on an already incredibly strong team and platform that has been almost 50 years in the making. Their economic vitality will further enhance the refinery’s competitive position and ensure future growth.”
To secure the Baton Rouge project, the state of Louisiana offered Placid a competitive incentive package that includes a performance-based retention and modernization tax credit of up to $500,000. The company is also expected to participate in the government’s industrial tax exemption and business zone programs.
“Placid Refining’s decision to relocate its headquarters and make a new $66 million investment is a vote of confidence in our talent base and business climate,” said Adam Knapp, President and CEO of the Baton Rouge Area Chamber. “Placid is a strong community partner and a good corporate citizen. Our team, in collaboration with partners like the West Baton Rouge Chamber, is here every day to support existing businesses in the region.”
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