Satellite firm moving offices to Covington

Globalstar, a satellite telephone provider, announced today it is moving its corporate headquarters to Covington. The company says it will create 150 new jobs in Louisiana by the end of 2011 and has pledged to boost its employment in the state to more than 500 jobs by the end of 2019. Jay Monroe, Globalstar chairman, says the firm was lured from Milpitas, in California’s Silicon Valley, by tax incentives and lower costs. The move positions the company for long-term growth, by reducing operating costs and making it easier to get products to market. Louisiana Economic Development has committed $4.4 million in performance-based benefits to help pay for the move and $3.7 million to offset facility costs. “This is an exciting win for Louisiana, not only because of the new, high-paying jobs it will bring, but also because Globalstar is in one of our top new-target growth industries for Louisiana—digital media,” says Stephen Moret, LED secretary. LED estimates Globalstar will generate $26.1 million in new state tax revenue and $8.3 million in new local tax revenue over the next 10 years.