Placid Refining will move its headquarters from Dallas to Baton Rouge and modernize its existing local facility in Port Allen, investing $66 million in the process, officials announced last week.
Placid says it expects to create 20 new jobs and retain the 215 employees who currently work in Port Allen. The company has a long history in Louisiana, with operations centered in Port Allen, President Rob Beadle says.
“This investment is about transitioning our headquarters from Texas so we can better support our operations here at home,” Beadle says in a prepared statement.
Placid in January paid $4.78 million for its new corporate headquarters, which is the former home of the Baton Rouge Area Foundation in downtown Baton Rouge. Improvements at the Port Allen facility are expected to continue over the next five years as the company seeks to expand its footprint across the Gulf South.
State officials offered Placid an incentive package including a tax credit worth up to $500,000 and expect the company to participate in the Industrial Tax Exemption and Enterprise Zone programs.