On Wednesday Gov. Bobby Jindal and Houston-based Forum Energy Technologies CEO Cris Gaut announced the company’s plans to build a new 150,000-square-foot facility in St. Martin Parish. The facility will produce onshore and offshore drilling equipment for global customers, creating 125 new direct jobs with average annual salaries of more than $45,000, plus benefits.
Forum (NYSE:FET) is making a $19 million capital investment in the plant, which will replace an existing facility in Broussard. The project retains 203 existing jobs, and the Louisiana Department of Economic Development estimates it will create an additional 300 indirect jobs.
“Forum Energy joins a long list of energy companies who are investing in Louisiana because of our world-class energy infrastructure, strong business climate and incomparable workforce,” Jindal said in making the announcement.
Forum manufactures a wide spectrum of oil and gas equipment that serves the global energy industry’s drilling, production and infrastructure segments. The company has more than 3,300 employees worldwide in 80 business locations.
The state began working with Forum on its expansion plan in April. To secure the project, the state offered an incentive package that includes a performance-based, $700,000 Economic Development Award Program grant to fund drainage infrastructure improvements at the site off U.S. 90, adjacent to the SMEDA Business & Industrial Park. In addition, Forum is expected to utilize incentives from the state’s Quality Jobs and Industrial Tax Exemption programs.
Construction will begin before the end of the year and be completed by fourth quarter 2013. Forum will begin hiring during the construction phase, and all 125 new positions will be hired within five years.
Mellow Mushroom Pizza Bakers opens on Johnston.
Acadiana's Top 50 Private Companies
It would be an understatement to say Schumacher Group had a challenging year in 2013.
Hampton Toyota has been serving Acadiana as the premier Toyota dealership for more than 10 years. And now, the glossy Johnston Street dealership is looking forward to a makeover.
Even when Floyd Degueyter is on “vacation” he’s hard at work.
As the second largest metal heat treating company in the country, Analytic Stress Relieving Inc. has grown by leaps and bounds since its inception in 1979.
When the Prohibition era came to an end in 1933, Joseph R. Streva saw an opportunity to make a little extra money to supplement his day job.
When a hurricane hits, Brent Mouton doesn’t run. The convenience store chain owner is proof that the challenges of mother nature can almost break a business, but Mouton learned to grow out of temporary closure from near devastation in 2002 and of lost potential revenue.
By launching a Super PAC to end all Super PACs, our Top 50 keynote speaker hopes to change the game in Washington.
Oil Center-based private facility extends its offerings with special events venue in failed women’s store.
One year later, is his expansion plan paying off?
Newspaper industry insiders question John Georges’ expansion plan.
How the U.S. has gotten itself into another fine mess
The Heymann Center was transformed into a culinary adventure in mid-June for the EatLafayette kick-off event, A Taste of Lafayette, and for the third consecutive year, a sellout crowd filled the Cajundome Convention Center June 19 to hear LEDA chief Gregg Gothreaux’s State of the Economy report.
A look at recent hirings, promotions and other announcements from Acadiana's business community.
Anne Pyle puts a bow on a stellar, expectations-defying career with her latest venture.
The company currently has 10 branches throughout Louisiana, including an Ambassador Caffery location which opened last year.
Lawmakers have added $15 million to the attorney general's budget to pay for Louisiana's ongoing legal case against BP for damages caused by the 2010 Gulf oil spill.
The state's jobless rate rose to 5 percent in June from 4.9 percent in May. Louisiana's unemployment rate was 6.4 percent in June 2013.
Long-established private club opening special events venue in failed women’s store at Kaliste Saloom Road and Camellia Boulevard.
High-dollar legal teams are preparing to spar in federal court over the regional levee authority’s historic lawsuit against oil and gas companies, but a panel of volunteers could preempt those efforts when they meet in August.
May sales, the highest on record for the month at $534 million, increased 6.1 percent over May 2013.
Trendy Shi Shi is heading to the Ranch, longtime retail institution Partners’ Ltd. is relocating to Parc Lafayette, and ariel artist haven Vertical Barre is moving downtown.
There’s another debit/credit card scam making the rounds — the second this year — this time via a robo call purportedly from MidSouth Bank.
The 2014 Louisiana Annual Sales Tax Holiday exempts the first $2,500 of the purchase price of each eligible item for non-business use when the customer buys and accepts delivery of eligible property or places property on layaway.