Placid Refining, an independent petroleum refining company, announced it is investing $66 million to relocate its headquarters from Dallas to Baton Rouge and modernize its existing facility in Port Allen.
The company expects to create 20 new direct jobs, and retain all 215 current positions at the Port Allen facility. Louisiana Economic Development estimates the project will result in 88 new indirect jobs, for a total of 108 new jobs in the Capital Region.
“Louisiana’s business climate has never been stronger and companies like Placid see the growth happening across our state and want to be part of it,” Gov. John Bel Edwards said. “It is most evident through the scale and pace companies are reinvesting in the state. I applaud Placid for creating new opportunities by making Baton Rouge its new home while building upon current operations. ”
Placid produces a full range of transportation fuels that service a variety of industries and supplies jet fuel to the U.S. Department of Defense. The West Baton Rouge location, which has been in operation since 1975, has the capacity to refine up to 82,000 barrels of crude oil per day. The new investment will enhance refining processes at the Port Allen facility and strengthen Placid’s competitive position in the state.
“This announcement is about growing our operations and centralizing in Louisiana,” Placid President Rob Beadle said. “Placid has a long history in the state with operations centralized in Port Allen and employing generations of families, sometimes more than one member of a household. This investment is about transitioning our headquarters from Texas so we can better support our operations here at home.”
Placid finalized the purchase of its new corporate headquarters on Fourth Street in downtown Baton Rouge in January. Improvements at the Port Allen facility will continue over the next five years as the company seeks to expand its footprint across the Gulf South.
“We are delighted to have a world-class partner in Placid Refining to help drive transformational growth in West Baton Rouge,” West Baton Rouge Parish Chamber of Commerce Executive Director Anna Johnson said. “With the team’s expertise and Placid’s network and success, they are poised to build upon an already incredibly strong team and platform that is nearly 50 years in the making. Their economic vitality will further improve the refinery’s competitive position and continue to secure future growth.”
To secure the project in Baton Rouge, the state of Louisiana offered Placid a competitive incentives package that includes a performance-based retention and modernization tax credit of up to $500,000. The company is also expected to participate in the state’s Industrial Tax Exemption and Enterprise Zone programs.
“Placid Refining’s decision to move its headquarters and make a new $66 million investment is a vote of confidence in our talent base and business climate,” Baton Rouge Area Chamber president and CEO Adam Knapp said. “Placid is a strong community partner and good corporate citizen. Our team, in collaboration with partners like the West Baton Rouge Chamber, is here to support existing companies in the region every day.”