Newpark Resources Inc. will invest $41.1 million in its Carencro-based facility, which makes composite mats for drill-site construction and other applications.
CARENCRO (AP) - Newpark Resources Inc. will invest $41.1 million in its Carencro-based facility, which makes composite mats for drill-site construction and other applications.
Newpark Resources President and CEO Paul Howes joined with Gov. Bobby Jindal on Thursday to announce the expansion of Newpark Mats and Integrated Services. The 50,000-square-foot expansion doubles the facility's size and its estimated output and will help the company meet growing demand for its products, officials said.
The manufacturing project will create 35 new direct jobs - 29 with an average salary of $36,600, plus benefits and six in a new research and development technology center that will average $80,000 plus benefits.
Newpark said the company estimates the project will create 35 construction jobs and it will retain its existing 55 jobs.
Louisiana Economic Development began talks with Newpark in June about the planned expansion. To secure the project, the state offered Newpark an incentive package that includes a $1.6 million modernization tax credit. The company's also expected to use the state's Quality Jobs and Industrial Tax Exemption programs.
Construction will begin in January and is expected to be completed by the end of 2015.
The company plans to begin hiring for the expansion early next year.
Newpark Resources is a worldwide provider of drilling fluids, temporary worksites and access roads for oilfield and other commercial markets, and environmental waste treatment solutions. In 2012, Newpark had more than $1 billion in revenue and currently employs more than 2,500 people globally.