Foreign direct investment: South Korea-based Dongsung FineTec Co. Ltd. is planning to make a $5 million capital investment in a cryogenic insulation manufacturing facility in Lake Charles, Gov. Bobby Jindal’s office announced today. Dongsung FineTec provides specialized high-performance insulation to liquefied natural gas plants and other industrial sites around the world. The company will lease an 11-acre site at the Port of Lake Charles’ Industrial Park East for its manufacturing complex. The site includes the former Spartech plastics compounding plant. The 59,000-square-foot building will be renovated for specialized insulation production. The company will create 250 new direct jobs with an average annual salary of $40,000, plus benefits. Louisiana Economic Development estimates the project will result in another 492 new indirect jobs for the area. LED has more details.
On board: Gov.-elect John Bel Edwards announced the formation today of the Higher Education Transition Committee to make policy recommendations for higher education. Edwards says his priority is to increase the state’s investment in higher education and improve college affordability for students. The committee will be chaired by Dr. Kim Hunter Reed, a principal at HCM Strategists, a policy and advocacy firm based in Washington, D.C. Reed previously served as executive vice president for the University of Louisiana System, chief of staff at the Louisiana Board of Regents and in the administration of two Louisiana governors. Serving on the committee are business, education and community leaders from across the state. Local members include Barry Erwin, president and CEO of Council for A Better Louisiana; Sean Reilly, CEO of Lamar Advertising Co.; and Roland Toups, chairman and CEO of Turner Industries. See the full committee membership.
Going for seconds: European Wax Center is planning to open a second Baton Rouge location in the Highland Park Marketplace shopping center next week, the company announced today. The new location, situated next to Zoe’s Kitchen in the center at Highland and Old Perkins roads, will open Dec. 10. The company’s original Baton Rouge location is in Towne Center. The center is one of the outparcel developments adjacent to Alexander’s Highland Market. European Wax Center touts itself as among the country’s fastest growing health and beauty brands, having expanded from six to 600 locations across the U.S. over just the past five years. The company was founded in 2004 in Florida.
