BATON ROUGE, La.
July 15, 2013
/PRNewswire/ -- Honeywell (NYSE: HON) today announced that its Performance Materials and Technologies business group will invest more than
at its four production facilities in
, supported by a comprehensive incentive package spearheaded by Louisiana Economic Development that includes both state and local tax incentives.
The investments, announced at a press conference in
, are part of a long-term investment and tax incentive framework agreement between the company and state.
Honeywell is examining the feasibility of an additional
in investments in its
operations over the next 10 years for a series of projects ranging from the production of next-generation products to the maintenance and improvement of current production processes. Under the long-term incentive framework, additional tax incentives would only be triggered as Honeywell moves forward with these further investments.
"The investments we are announcing today will support our global operations and allow us to produce many new, in-demand products to support refining processes that produce fuels and petrochemicals, as well as advanced materials that are environmentally friendly and energy efficient," said
Andreas C. Kramvis
, president and CEO of Honeywell Performance Materials and Technologies. "The support of the state of
, as well as local governments, was key in our decision to locate production of key new products at our
facilities, helping to ensure their future viability."
Governor Jindal said, "Two years ago, we announced Honeywell's
investment to manufacture new environmentally preferable products here in
because the company took notice of the work we were doing to improve
business climate. Our partnership continues today through an additional round of projects in
East Baton Rouge
parishes. We are proud that a global technology leader like Honeywell is choosing to expand its
manufacturing sites, create more jobs and deliver more performance technologies throughout the world from right here in our state. Indeed, Honeywell joins a long list of technology companies who are expanding in
because of our strong and continuously improving business climate, world-class infrastructure and incomparable workforce."
Performance Materials and Technologies' four facilities in
include fluorine products production operations in
; a catalyst production facility in
; and an adsorbent production facility in
for the UOP business unit of Performance Materials and Technologies. The more than
investment announced today includes
for engineering and new production capacity related to new products and
in investments to support ongoing operations. Those investments are expected to generate more than 500 new direct and indirect jobs in the state.
If implemented in total, the more than
in potential additional investments would create an estimated 250 additional new jobs at those facilities and support an estimated 2,000 construction and engineering jobs.
, Jindal and Kramvis announced a
investment to modernize the company's
fluorine facility to produce new environmentally-preferable products used in insulation, aerosol and refrigerant applications. The company received state tax incentives for that investment, which helped retain 200 jobs at the facility and create new jobs. The company expects to complete that project this year.
Honeywell Performance Materials and Technologies is a global leader in developing and manufacturing advanced materials and process technologies. These materials and technologies are used by people every day in a wide range of industries and applications, from petroleum refining to environmentally friendlier refrigerants to bullet-resistant vests. Our advanced materials are critical in the manufacture of products ranging from nylon to computer chips to pharmaceutical packaging. Process technologies developed by our UOP business form the foundation for most of the world's refiners, efficiently producing gasoline, diesel, jet fuel and petrochemicals. UOP is now pioneering technology to produce real fuels from renewable energy sources.