The state began working with Honeywell on the latest projects in April 2012. To secure the projects, the state provided a competitive incentives package that includes a performance-based Modernization Tax Credit of up to $15.5 million that will be provided in full if the company makes a total capital investment of at least $690 million and creates at least 175 new direct jobs. Additionally, the company must meet the following targets: a minimum of $400 million in capital investment and 75 new direct jobs in Ascension Parish; $200 million and 75 new direct jobs in Caddo Parish; and $90 million and 25 new direct jobs in East Baton Rouge Parish. In addition, the company is expected to utilize Louisiana’s Quality Jobs and Industrial Tax Exemption programs.
Each of the initial Honeywell projects will be under way by the fourth quarter of 2013, and hiring will take place as the upgrades are completed and new products come online.
“We’re delighted that Honeywell has decided to make additional strategic investments in Ascension Parish and to create more jobs for our citizens,” Ascension Parish President Tommy Martinez said. “Honeywell is a market leader in most of their product segments and an excellent employer – and that’s the kind of business that every community wants to have.”
“The citizens of Northwest Louisiana are truly grateful to God and Honeywell for the expansion investment and look forward to many more years of success for the company,” said Caddo Parish Commission President Lindora Baker.
About Honeywell Performance Materials and Technologies
Honeywell Performance Materials and Technologies is a global leader in developing and manufacturing advanced materials and process technologies, items used by people every day in a wide range of industries and applications, from petroleum refining to environmentally friendlier refrigerants to bullet-resistant vests. The company’s advanced materials are critical in the manufacture of products ranging from nylon to computer chips to pharmaceutical packaging. Process technologies developed by Honeywell’s UOP business form the foundation for most of the world’s refiners, efficiently producing gasoline, diesel, jet fuel and petrochemicals. UOP is now pioneering technology to produce real fuels from renewable energy sources.
Honeywell is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; turbochargers; and performance materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, visit www.honeywellnow.com
One of the aircraft's two engines was powered by a 30/70 blend of Honeywell Green Jet Fuel and petroleum-derived jet fuel.
Honeywell's UOP Working With Aviation and Refining Leaders in China to Create Sustainable Aviation Biofuels Industry
The collaborations were announced at the joint opening of the Renewable Energy and Advanced Biofuel Fora on May 26, 2010 at the Beijing Diaoyutai State Guesthouse.