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.
JPMorgan Chase is giving $1 million to Louisiana's community and technical colleges, to help with workforce training efforts to match students to available jobs.
Law firm unveils newly renovated 200-year-old building.
UL grad named web developer at BBR Creative
Lafayette-based emergency department staffing and management company raises $120 million in senior credit facilities through GE Capital, Healthcare Financial Services.
High-rise apartment building, parking garage, hotel and retail part of new development.
The number of Louisianans with jobs continued to set records in September, but the state's unemployment rate kept rising.
Louisiana is drowning, quickly.
An investment group led by Macquarie Infrastructure and Real Assets will buy the Louisiana power company Cleco for $3.4 billion.
Local developer’s Lake Charles Gardens LLC purchases buildings and leases; land still owned by Dugas family.
Economist Loren Scott says Louisiana is in the midst of an industrial boom unlike any other in its history, with more than $100 billion in industrial projects either under construction or in the engineering and design phase.
The Louisiana Treasury holds $18 million in Israel Bonds — bonds that earn 2.868 percent when the three-year U.S. Treasury is yielding 1.08 percent.
ABiz celebrates another class of Acadiana's most influential female trailblazers, the Lourdes Foundation honors a local philanthropist and MedExpress in Opelousas celebrates its 22nd year as the “little ambulance service that could.”
Is Louisiana’s O&G industry ready to head south of the border?
Downtown’s newest live-work space for creatives doubles as a gallery for other upcoming artists to show their work.
A maritime case originating in Lafayette federal court could become a game changer for the oil and gas industry.
Here’s what’s at stake in the November Senate race — regardless of whether Republicans gain control of the upper chamber.
From the publisher’s in-box: ABiz reaches out to Lake Charles, time to “Come Home, Louisiana,” and now accepting nominations for Entrepreneur of the Year.
In late September Cleco and UL Lafayette showed off the Cleco Alternative Energy Center, where researchers explore ways to generate power by using renewable resources.
The most recent promotions, hirings and announcements from Acadiana's biz community.
While Amendments 1 and 2 will shield some health care providers from the budgetary whims of Gov. Jindal, they could make higher ed even more vulnerable to cuts.
Age 60 looks good on the country’s second-largest oil and gas show.
Local pieces and logo-emblazoned corporate gifts
Let’s show how much we care what it looks like.
The Memphis based investment firm Wunderlich recently arrived in Louisiana with the opening of a wealth management branch in Lafayette.
Broussard will soon be the site of a new Courtesy Automotive dealership.