Eastman Chemical Co. plans to invest $70 million in its St. Gabriel plant in Iberville Parish over the next three years as it modernizes the facility.
The company expects to retain 106 jobs and create five new jobs with average annual salary of $60,000 in addition to benefits. About 200 construction jobs are expected to be created during the expansion of the plant.
In exchange, the state of Louisiana promised the company a $250,000 tax credit for factory modernization in addition to Enterprise Zone benefits and Industrial Tax Exemptions.
The St. Gabriel plant creates amines products used in food, feed, personal care and agriculture markets. Plans include addition of a new unit laboratory.
Kingsport, Tennessee-based Eastman acquired the St. Gabriel plant from Taminco in 2014 for $2.8 billion. Eastman has customers in more than 100 countries around the world and annual revenue of $10 billion in 2018.
Louisiana competed with Florida, Texas and Belguim for the investment and the state's economic development leaders began negotiating with Eastman in May 2018.