Honeywell’s Performance Materials and Technologies business to invest over US$200 mln in Louisiana

19-Jul-13

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."