SNF, a specialty chemical manufacturer based in France, will build a $362 million water-soluble polymers plant on an 800-acre site just south of Plaquemine, state and company officials announced today. The plant will be built in phases over the next five years with an average of 250 construction workers over that time. Once fully ramped up, the plant will employ more than 500 permanent workers with an average salary of $57,000 and more than 100 contract employees, Louisiana Economic Development Secretary Stephen Moret says.
An LSU analysis estimates the project’s economic impact at $3.7 billion over the next 15 years, including $107 million in new state tax revenue and nearly $30 million in local taxes, not counting property and corporate income taxes, and predicts 900 jobs will be created indirectly. The company will receive $39.4 million from the state megafund, about $18.8 million over the next 10 years from the state’s quality jobs program, and $1 million from Iberville Parish, assuming SNF hits all of its performance targets, Moret says. SNF will also utilize $100 million in GO Zone bonds. For the full version of this story, click here.—David Jacobs
