Cortec, a key manufacturer of superior quality valves, and Louisiana Economic Development (LED) recently announced the $2.5 million expansion plan of Cortec’s industrial coatings facility at Port Allen. The project is estimated to be completed by second quarter of 2019. For the record, both the parties started to work on the expansion proposal in March this year.
For the uninitiated, Cortec was founded in January 2004 and is a leading producer of high quality API chokes, valves and other flow line equipment. Its products are employed by oil and gas companies worldwide in drilling and servicing applications. The two main manufacturing facilities of Cortec are located in Port Allen and Houma in Louisiana, where it is expected to benefit from the state’s Industrial Tax Exemption Program.
Sources close to the matter informed that Cortec will be able to increase its space, machinery and capabilities, while further expanding into specialized coating services that improve the lifespan and performance of equipment. All the existing employees will be retained, and additional four direct jobs will be created due to the expansion, raising the overall payroll at the facility in Port Allen to $3.3 million.
LED has anticipated that the project will also create seven new indirect jobs. Currently, Cortec has around 150 people under employment throughout the state of Louisiana, records stated.
Larry Chauvin, the president of Cortec Manifold Systems, was quoted saying the expansion efforts will not only increase their capacity significantly, but also assist in realizing the company’s mission of providing the highest quality products to the industry.
John Bel Edwards, the governor of Louisiana believes that the state has an innovative manufacturing sector as companies like Cortec are consistently growing and prospering. Providing critical products to the oil and gas industry globally has been the key success factor for Cortec, he added.