Fibrebond announces $2.5M expansion in Minden, 225 new jobs - KSLA News 12 Shreveport, Louisiana News Weather & Sports

Fibrebond announces $2.5M expansion in Minden, bringing 225 new jobs

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Governor Bobby Jindal and Fibrebond Corp. President and CEO Todd Walker announced Monday that the company will expand its precast concrete shelter business by renovating the former IP plant. Governor Bobby Jindal and Fibrebond Corp. President and CEO Todd Walker announced Monday that the company will expand its precast concrete shelter business by renovating the former IP plant.
MINDEN, LA (KSLA) -

Minden manufacturer Fibrebond Corp has announced a $2.5M expansion project that they say will bring 225 new jobs to Northwest Louisiana.

Governor Bobby Jindal and Fibrebond Corp. President and CEO Todd Walker announced Monday that the company will expand its precast concrete shelter business by renovating a 180,000-square-foot forest products mill once operated by International Paper and Temple-Inland.

In addition to the 225 new direct jobs, with an average salary of $36,000 per year, plus benefits, state economic development officials estimate the expansion will result in an additional 235 new indirect jobs, for a total of 460 new jobs in Northwest Louisiana.

The company estimates another 25 construction jobs will be created during a renovation that will significantly increase Fibrebond's capacity for producing the multipurpose concrete shelters. The company says it will also retain 470 existing employees at its Minden headquarters and manufacturing operations.

To secure the project, the State of Louisiana offered the company a $1 million performance-based grant to offset redevelopment costs at the acquired facility, with the grant to be provided at an annual rate of $200,000 over five years. The company also will receive the comprehensive workforce solutions, at no cost, of LED FastStart®, the nation's No. 1 state workforce development program. In addition, the company is expected to utilize the state's Quality Jobs and Industrial Tax Exemption programs.

Fibrebond will begin the building phase of the project in the first quarter of 2014, with a target completion date of December 2014. Hiring will begin in early 2014 in conjunction with the construction phase, and the company expects to create 100 new jobs this year, ramping up to 175 new jobs by 2016 and the full employment of 225 new jobs by 2018.

"This is a great example of the American dream," Gov. Jindal said as the announcement was made Monday. "A family took a chance and took a risk to start a company to feed their family and now hundreds of families can feed their families. It's part of what makes this country so great."

Founded in 1982, Fibrebond describes itself as a "company serves a variety of commercial needs in structural office, housing or workspace functions." Fibrebond specializes in the manufacturing of concrete structures for use in telecommunications and cellphone tower outer buildings, correctional facility single- and multiple-occupancy units, large-scale utility projects, and educational offices and classrooms serving the K-12 grade levels.

Governor Jindal said, "Fibrebond's expansion is a huge win for Northwest Louisiana and our entire state. The expansion will create hundreds of new job opportunities for Louisiana families in Webster Parish and Northwest Louisiana. This expansion is another great example of how companies are taking advantage of Louisiana's strong business climate and unparalleled workforce."

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