Crest Industries is acquiring the assets and will expand the workforce of Eunice-based Precision Cutting Specialties Inc.

Crest, based in Pineville, will invest $5 million to develop a new cutting, machining and fabrication facility in Eunice and add new machining centers to existing PCS equipment.

Crest will retain 18 PCS jobs, and the expansion project will create 20 new jobs averaging $50,000 per year, plus benefits.

Louisiana’s economic development department estimates the investment will result in an additional 24 indirect jobs.

Founded in 1958, Crest Industries serves a global market in the electric utility, commercial and industrial electrical contractor, forestry and energy industries. Crest Industries will diversify into the oil and gas sector with the acquisition of PCS, which also serves the utility, petrochemical and automotive industries.

Crest Industries will begin filling the new positions at the Eunice facility in the fourth quarter. The company expects to complete hiring by the end of 2016. With the addition of PCS, Crest Industries will employ more than 630 workers throughout Louisiana.

To support the expansion project in Eunice, the company is expected to utilize the state’s Quality Jobs and Industrial Tax Exemption programs.