A boat and offshore equipment manufacturer in Ponchatoula announced plans to expand its operations, adding 39 new jobs.
Elevating Boats LLC is planning a $3.3 million expansion in a move to more than double the company’s workforce, the Louisiana Department of Economic Development reported Thursday. Elevating Boats employs about 28 workers today. The average salary of the new jobs is expected to be $43,403, plus benefits.
Elevating Boats manufactures offshore lift boats, pedestal cranes, gearboxes, hydraulic winches, power-take-offs, hydraulic cylinders and other mechanical and hydraulic components for the global market. The company also has facilities in Braithwaite and Houma.
The Ponchatoula expansion is scheduled for completion at the end of September, and the new jobs will be filled by the first quarter of 2012.
Elevating Boats will begin production of a new gear system for lift boats and barges that provides quicker deployment and is more durable and cost-efficient than the current systems available on the market, the company said. The gear system is expected to result in increased contracts for Elevating Boats from companies within the boat and oilfield industries, both in Louisiana and overseas.
“Elevating Boats has utilized the latest engineering technology to develop a new product that is poised to make a big impact on the market,” LED Secretary Stephen Moret said in a statement. “The new gear system is projected to create a benchmark for the rest of the industry to follow, and we are extremely proud of this accomplishment from a Louisiana company and its economic impact for our state.”
Elevating Boats will participate in two of Louisiana’s economic development incentive programs such as Quality Jobs, which allows for salary rebates or investment tax credits if Elevating Boats meets specific job creation goals, as well as the Industrial Tax Exemption program, which allows for a property tax abatement for materials used in new manufacturing.
“These programs have aided our company’s ability to expand our operations in Tangipahoa Parish in support of our domestic and international sales,” CEO Ken Serigne said in a statement released in an announcement with Gov. Bobby Jindal. “This expansion will allow us to increase employment and support our company’s growth while continuing to provide quality jobs for the people of our area.”
“The company’s innovative new gear system will undoubtedly make an impact on the boat and oilfield industry in Louisiana, demonstrating that our state’s business enterprises can compete with our nation’s most inventive companies,” Jindal said.