Very little info was released in Tuesday’s media advisory, but the promise of a “major expansion” by New Iberia-based Bayou Companies is certainly welcome news in light of oil settling below $39 a barrel for the first time since February 2009.
It's news that comes on the heels of three other Port of Iberia companies confirming they are bucking the trend of energy sector downsizing, The Advocate reports.
A subsidiary of St. Louis, Mo.-based Aegion Corporation, Bayou Companies will announce an expansion (presumably of its Port of Iberia facility) at 6 p.m. Wednesday at the Iberia Parish Council meeting, 300 Iberia St. The council is expected to announce that it will put $1.5 million in Tax Increment Financing funds toward the expansion, according to the PR firm handling publicity for the announcement.
Bayou, which began as a one man, one welding truck operation in 1942, was acquired in 2009 by Insituform Technologies, a worldwide provider of proprietary technologies and services for rehabilitating sewer, water, energy and mining piping systems and the corrosion protection of industrial pipelines. Two years later, Insituform became Aegion Corporation.
The Bayou Companies provides both onshore and offshore services, including pipe coating, concrete weight coating, insulation and welding.
Read more about Bayou Companies here.