06/19/2009
SNF Holding Co. Announces New Plant In Iberville Parish
Polymer manufacturer to locate new facility
near Plaquemine, creating over 500 jobs
Today, Gov. Bobby Jindal joined SNF Holding Co.officials to
announce that the company will construct a new water-soluble
polymers manufacturing facility in Iberville Parish. Once fully
operational, the plant will employ over 500 permanent, full-time
employees with an average salary of $57,400 and involve capital
investment of at least $362 million.
Gov. Jindal said, "I want to commend SNF for making such a
significant investment in Iberville Parish and in the people of
this community. Today's announcement, along with a number of other
recent announcements, has helped Louisiana's economy outperform the
national and Southern economies.
"We're here because yet another company has taken note of the
progress we have made and because of the direction in which our
state is headed. Indeed, Louisiana had to beat out sites in three
other states to win this project -- and this is not the first time
that we have beat out other states to win a big project. Time and
time again, we're showing that we can compete with the rest of the
nation and the world to be a new frontier for business investment
and economic opportunity."
In addition to Gov. Jindal, participants at the event included
SNF President Peter W. Nichols, Louisiana Economic Development
Secretary Stephen Moret, Iberville Parish President Mitch Ourso,
State Rep. Karen St. Germain, State Rep. Elton Aubert, State Sen.
Rob Marionneaux Jr., Iberville Chamber of Commerce Executive
Director Hank Grace and Baton Rouge Area Chamber President and CEO
Adam Knapp.
The project includes construction of the plant facility, which
will be built in modules over a five-year period and create
approximately 250 full-time construction jobs.
"We are very grateful for the positive reception we received
throughout the site evaluation process and the encouragement from
state and local representatives to locate the facility in Iberville
Parish," said Nichols. "We look forward to getting to know the
communities of Iberville Parish and building a strong relationship
with local residents."
The proposed facility, which will produce acrylamide monomer and
polyacrylamide powders packaged in bags or supersacks, will be
located on an 800-acre site just south of Plaquemine on Louisiana
Highway 405 (River Road). The need for the new facility is being
driven by increased demand for SNF products in enhanced oil
recovery. Enhanced oil recovery is a generic term for ways to
increase the amount of oil that can be extracted from an oil
field.
An economic impact analysis by LSU suggests that the SNF
facility will provide an injection of more than $3.7 billion in new
state economic output from 2010 to 2025.
LSU estimates that more than 500 direct, new on-site jobs will
create approximately 900 indirect jobs for a total of 1,400
permanent new jobs in Louisiana. Accordingly, SNF's facility will
become one of Louisiana's top 150 economic-driver firms based on
direct and indirect job impact.
"We are delighted to welcome SNF to Louisiana and look forward
to the very significant economic impact this project will bring to
Iberville Parish and the Capital Region," said Moret. "It is great
news that this company decided to capitalize on the opportunities
that Louisiana offers businesses looking to expand their
operations. This is another example of how our state continues to
attract significant new investments in multiple industry
sectors."
State and local officials assembled a customized incentive
package to help secure the project. If all performance requirements
are met, SNF will receive a state incentive package worth
approximately $39.4 million, including performance-based financial
assistance of $26.55 million for a rail spur and other site
infrastructure, as well as performance-based incentive payments of
$1.28 million per year for the first 10 years of the project.
Iberville Parish will contribute $1 million to fund public
infrastructure. SNF also is expected to take advantage of the
Quality Jobs program.
LSU estimates that the SNF project will result in $107 million
in new state tax revenue, as well as $29.9 million in new local tax
revenue, from 2010 to 2025, which is the contract term for the
associated cooperative endeavor agreement. These estimates exclude
property taxes and corporate income taxes. Iberville Parish was
selected as the winning plant site after an extensive and
competitive, multi-state evaluation of potential candidates. Prior
to selecting Louisiana, SNF considered sites located in three other
states.
About SNF
SNF Holding Co. is the American subsidiary of the French company
SNF Floerger. It is one of the world's leading manufacturers of
water-soluble polymers and specializes in serving the municipal,
industrial and wastewater treatment industries, as well as a wide
array of specialty applications. Water-soluble polymers from SNF
are in use in municipal waste, industrial waste and wastewater
treatment facilities around the world.
