Placid Refining Invests $66 Million to Relocate Headquarters and Modernize Facility in Baton Rouge,
Placid Refining, an independent petroleum refining company, has announced a $66 million investment to relocate its headquarters from Dallas to Baton Rouge and modernize its existing facility in Port Allen. This move is expected to create 20 new direct jobs and retain all 215 current positions at the Port Allen facility. Additionally, the Louisiana Economic Development estimates the project will result in 88 new indirect jobs, bringing the total to 108 new jobs in the Capital Region.
Louisiana Governor John Bel Edwards applauded the move, stating that Louisiana's business climate has never been stronger, and companies like Placid see the growth happening across the state and want to be part of it. He went on to say that Placid's decision to make Baton Rouge its new home and build upon current operations demonstrates the scale and pace at which companies are reinvesting in the state.
Placid Refining produces a full range of transportation fuels that service a variety of industries and supplies jet fuel to the U.S. Department of Defense. The West Baton Rouge location has been in operation since 1975 and has the capacity to refine up to 82,000 barrels of crude oil per day. The new investment will enhance refining processes at the Port Allen facility and strengthen Placid’s competitive position in the state.
“This investment is about transitioning our headquarters from Texas so we can better support our operations here at home,” said Placid President Rob Beadle. “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.”
The announcement of Placid's investment is expected to drive transformational growth in West Baton Rouge. Placid finalized the purchase of its new corporate headquarters on Fourth Street in downtown Baton Rouge in January. Improvements at the Port Allen facility will continue over the next five years as the company seeks to expand its footprint across the Gulf South.
To secure the project in Baton Rouge, 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.
Baton Rouge Area Chamber president and CEO Adam Knapp praised the move, stating that Placid is a strong community partner and good corporate citizen. He went on to say that their team, in collaboration with partners like the West Baton Rouge Chamber, is there to support existing companies in the region every day.
Placid Refining's investment in relocating its headquarters to Baton Rouge and modernizing its Port Allen facility is a significant boost for the Capital Region. The project is expected to create new jobs, enhance refining processes, and strengthen Placid's competitive position in the state. The incentives package offered by the state of Louisiana demonstrates the state's commitment to supporting existing businesses and attracting new investments.