Lubrication Technologies will invest $16 million to renovate a manufacturing facility in Shreveport, La., the states governor announced Monday.
The Minnesota-based lubricant manufacturer, also known as Lube-Tech, will begin the renovation project in the first quarter of 2014, according to a press release from the office of Louisianas governor, Bobby Jindal. The Louisiana Economic Development agency provided a $750,000 loan incentive and helped the company find the site, which is a 226,000 square foot facility that previously supported a General Motors assembly plant.
With headquarters in North Golden Valley, Minn., Lube-Tech specializes in the automotive, industrial, marine and small-engine oil markets and provides lubricants to over 70 countries. The project will be the companys first major investment in the U.S. South, according to the governors statement, and will bring the company into closer proximity to supply sources and key domestic customers.
Lube-Tech is excited to expand our custom brands business serving [original equipment manufacturers of] power sports, marine and outdoor power equipment to the southern United States, Lube-Tech CEO Chris Bame said. Our new Shreveport facility will manufacture, package and distribute specialty lubricants globally.
Upon completion in 2016, the lubricant manufacturing plant will create 75 direct jobs and over 205 indirect jobs, in addition to approximately 60 construction jobs. This new venture undertaken by Lubrication Technologies is a great win for our state, Jindal said.