Gov. Steve Beshear Monday joined community leaders and officials from Westlake Chemical Corp. to announce the company will invest $40 million in its Calvert City plant, supporting the retention of 380 Kentucky jobs.
The company plans to perform a major modification of ethylene furnaces that will ultimately reduce costs, improve operating efficiency and consume less energy. The modifications are expected to be completed by mid-2013.
Westlake Chemical Corp. is an international manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas. The company’s Westlake Vinyl subsidiary, located on Industrial Parkway in Calvert City, has been operating for 21 years.
The company has indicated that without assistance of tax incentives, the improvements in both process and technology would not have been economically feasible and the alternative would be to produce additional ethylene at a sister plant out of state.
To encourage the investment in Calvert City, the Kentucky Economic Development Finance Authority preliminarily approved Westlake for tax incentives up to $10 million through the Kentucky Reinvestment Act.
“Westlake has long been a great corporate partner for our region, so I’m certainly pleased to see it make an investment that solidifies its future here while improving its energy efficiency,” state Rep. Will Coursey of Symsonia. said “This is definitely great news for those who work there.”