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BATON ROUGE, La.,
July 15, 2013 /PRNewswire/ -- Honeywell (NYSE: HON) today announced that its Performance Materials and Technologies business group will invest more than
$200 million at its four production facilities in
Louisiana, 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
Louisiana with Governor
Bobby Jindal, 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
$1 billion in investments in its
Louisiana 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
Louisiana, as well as local governments, was key in our decision to locate production of key new products at our
Louisiana facilities, helping to ensure their future viability."
Governor Jindal said, "Two years ago, we announced Honeywell's
$33 million investment to manufacture new environmentally preferable products here in
Baton Rouge because the company took notice of the work we were doing to improve
Louisiana's 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
Louisiana 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
Louisiana because of our strong and continuously improving business climate, world-class infrastructure and incomparable workforce."
Performance Materials and Technologies' four facilities in
Louisiana include fluorine products production operations in
Baton Rouge and
Geismar; a catalyst production facility in
Shreveport; and an adsorbent production facility in
Baton Rouge for the UOP business unit of Performance Materials and Technologies. The more than
$200 million investment announced today includes
$169 million for engineering and new production capacity related to new products and
$39 million 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
$1 billion 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.
June 2011, Jindal and Kramvis announced a
$33 million investment to modernize the company's
Baton Rouge 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.