Business & Technology
12:11 pm
Thu September 13, 2012

Forum Energy Technologies to expand

Forum Energy Technologies says it plans to build a new 150,000-square-foot facility in St. Martin Parish to produce onshore and offshore drilling equipment for global customers.

Forum Energy CEO Cris Gaut says the $19 million project will replace an existing facility in nearby Broussard. The project will retain 203 existing jobs and create 125 new direct jobs with average annual salaries of more than $45,000, plus benefits. State economic development officials estimate the project will also create an additional 300 new indirect jobs.

During Wednesday's announcement, Gov. Bobby Jindal said the state began working with the company on its expansion project in April. To secure the project, the state offered an incentive package that includes a performance-based, $700,000 grant to fund drainage infrastructure improvements at the site off U.S. 90.

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