The Development Corporation of Abilene (DCOA) is proud to announce that Petrosmith, a leading oil and gas production equipment manufacturer and Abilene-based company since 1983, will expand its operations with a $25 million capital investment. Petrosmith's expansion project is expected to maintain 415 existing jobs, as well as create an additional 250 skilled jobs with market-leading competitive wages.
The DCOA presented "Project Morello" to the Abilene City Council who ratified the DCOA Board of Directors' approval of the $2,750,000 incentive package, enabling the DCOA to enter into negotiations for a final agreement with Petrosmith.
“Business retention and expansion is one of our top priorities, and this project represents one of the many companies that choose to grow in Abilene and provide meaningful opportunities for our community to thrive,” said Misty Mayo, President and Chief Executive Officer of the DCOA. “We are truly creating the Abilene of the future, one successful expansion at a time,” Mayo continued.
"This project is a testament to the progress Abilene is making as a hub for economic growth. The collaboration between Petrosmith and the DCOA reaffirms Abilene's commitment to investing in the future," said Abilene Mayor Weldon Hurt.
Over the next ten years, the company will invest $25 million in this expansion project. DCOA partnership monies are provided to the company after it meets its contracted capital investment requirements. For every dollar the DCOA invests in the Petrosmith expansion, a $626.11 direct and indirect economic impact for Taylor County is projected.
The project enables the company to expand both its existing production and operations, as well as produce new products utilized by upstream oil and gas companies. In addition, it facilitates continued investment in workforce development initiatives across the entire organization.
“Petrosmith is pleased to partner with the DCOA on this investment initiative. This venture reiterates our commitment to Abilene, our customers, and our existing workforce to invest, grow, and continue to be a market-leading supplier for premium oilfield production equipment and solutions,” said Michael Duffy, President and CEO of Petrosmith.
This expansion taps into Abilene's skilled labor force in the advanced manufacturing industry. With four universities, a technical college, a community college, and state-of-the-art training facilities for high school and college students, the community boasts the necessary education to support future needs.