BATON ROUGE, La. (BRPROUD) — Placid Refining, a petroleum refining company, is moving its headquarters to Baton Rouge in a move that will cost $66 million.
Placid was offered a competitive incentives package and modernization tax credit of up to $500,000 from the state for the move, according to a news release from Louisiana Economic Development. The move will create 108 new jobs in the region — including 20 direct and 88 indirect — and keep the 215 current positions at the facility in Port Allen.
Placid produces transportation fuels that help a variety of industries, the release said. The company supplies jet fuel to the U.S. Department of Defense.
“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,” said Gov. John Bel Edwards. “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.”
The new headquarters will be on Fourth Street in downtown Baton Rouge. Over the next five years, improvements will be made to the Port Allen facility.
“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.”