Friday, October 22, 2010
Georgia Pacific embarks on $300 mil technology upgrade to Louisiana mill
Georgia-Pacific Corp. is embarking on a $300 million upgrade of its Port Hudson mill to improve technology and equipment.
The Atlanta-based company and Gov. Bobby Jindal announced the plans Wednesday, saying the investment will help the mill keep its nearly 1,000 employees on the payroll.
Georgia-Pacific chose two locations -- the East Baton Rouge Parish site and its Arkansas mill -- to split the company's $500 million investment in modernizing its bath tissue-papermaking technology. The upgrades should be complete by 2012, according to the company.
To attract the project, the state is giving Georgia-Pacific a $3 million refundable state tax credit and the use of $300 million in tax-free hurricane recovery bonds for construction costs through the Gulf Opportunity Zone program.
-Bloomberg
For the story source: www.businessweek.com
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