Placid Refining, an independent petroleum refining company, plans to relocate its headquarters to Baton Rouge and modernize its existing facility in Port Allen, Louisiana. The $66 million project is expected to create 20 jobs.
The investment includes the purchase of the new corporate headquarters on Fourth Street and improvements at the company’s current Port Allen facility which will continue over the next five years.
“This announcement is about growing our operations and centralizing in Louisiana,” Placid President Rob Beadle said. “Placid has a long history in the state with operations centralized in Port Allen and employing generations of families, sometimes more than one member of a household. This investment is about transitioning our headquarters from Texas so we can better support our operations here at home.”
To secure the project the state of Louisiana offered Placid a competitive incentives package that includes a performance-based retention and modernization tax credit of up to $500,000. The company is also expected to participate in the state’s Industrial Tax Exemption and Enterprise Zone programs.
“Louisiana’s business climate has never been stronger and companies like Placid see the growth happening across our state and want to be part of it,” Governor John Bel Edwards noted. “It is most evident through the scale and pace companies are reinvesting in the state. I applaud Placid for creating new opportunities by making Baton Rouge its new home while building upon current operations.”
Placid produces a full range of transportation fuels that service a variety of industries and supplies jet fuel to the U.S. Department of Defense.
“Placid Refining’s decision to move its headquarters and make a new $66 million investment is a vote of confidence in our talent base and business climate,” Baton Rouge Area Chamber president and CEO Adam Knapp added. “Placid is a strong community partner and good corporate citizen. Our team, in collaboration with partners like the West Baton Rouge Chamber, is here to support existing companies in the region every day.”