Honeywell’s Performance Materials and Technologies business group will invest more than US$200 mln at its four production facilities in Louisiana, supported by a comprehensive incentive package spearheaded by Louisiana Economic Development that includes both state and local tax incentives. Performance Materials and Technologies' four facilities in Louisiana include fluorine products production operations in Baton Rouge and Geismar; a catalyst production facility in Shreveport; and an adsorbent production facility in Baton Rouge for the UOP business unit of Performance Materials and Technologies. The investment includes US$169 mln for engineering and new production capacity related to new products and US$39 mln in investments to support ongoing operations.
The investments are part of a long-term investment and tax incentive framework agreement between the company and state. Honeywell is examining the feasibility of an additional US$1 billion in investments in its Louisiana operations over the next 10 years for a series of projects ranging from the production of next-generation products to the maintenance and improvement of current production processes. Under the long-term incentive framework, additional tax incentives would only be triggered as Honeywell moves forward with these further investments."The investments we are announcing today will support our global operations and allow us to produce many new, in-demand products to support refining processes that produce fuels and petrochemicals, as well as advanced materials that are environmentally friendly and energy efficient," said Andreas C. Kramvis, president and CEO of Honeywell Performance Materials and Technologies. "The support of the state of Louisiana, as well as local governments, was key in our decision to locate production of key new products at our Louisiana facilities, helping to ensure their future viability."
Previous News
Next News
-
Reduce weight and improve properties in polymer products with foam technology
-
Hyundai Oilbank, Lotte Chemical to build mixed-xylene, naphtha plant
-
ADNOC, ADGAS offer rare spot naphtha cargoes
-
Reliance unexpectedly postpones August naphtha loading
-
Petrochemicals market expected to reach US$791 bln in 2018
-
Rominserv to provide project management consultancy and training for petrochemical complex in Kazakhstan
-
mPE for multilayer structures for ease to process, high-performance, downgauging solutions for industrial, hygiene, food film
-
Asian players complain of tight LDPE supply
-
Geotextiles: global trends & forecasts
-
Growing demand of solar PVs and other applications to drive global solar encapsulation market
-
Manish Dedhia of Mitsu ChemPlast Ltd to head AIPMA for 23-24
-
Scientist at University of Edinburgh Use Bacteria to Upcycle PET Waste into Vanilla Flavouring.
-
Sabic’s Stamax 30YH570 Resin is First Polymer to Earn UL Mark for Thermal Runaway Protection of EV Battery Systems
-
SABIC Offers Bio-Based Versions of All Noryl™ Resin Grades to meet Sustainability Goals
-
SABIC Dielectric Films Reduce Losses in EV High Temperature Capacitors
-
First Premium Wine Bottle Made from 100% Recycled PET in USA
-
TotalEnergies, Aramco and SABIC make Circular Polymers by Processing Oil from Plastic Waste
-
New LDPE, EVA Capacity Being Installed at PetroChina Guangxi Complex
-
Cold Curing BASF Elastopan Polyurethane Reduces Green House Gas
-
Cello World Kicks off IPO to Raise Around Rs 2,000 Cror
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}