Southern Plastics, Inc. (Closure Systems International) will expand production at its current facility on Energy Dr. by adding $6,678,000 in personal property and retaining 207 jobs.
The company will be eliminating eight product profiles, placing 16 jobs in jeopardy. The new investment will allow the company to acquire new machinery to add two larger product profiles and retain those jobs.
In exchange for the new investment and job retention, the company can earn up to $265,000 in incentive reimbursements incrementally during the next two years from Kilgore Economic Development Corp.
“Not only is all business retention extremely important for Kilgore’s economy, but also CSI is a high-impact company that needs to be aware of Kilgore’s support to continue to grow here,” said KEDC Executive Director Amanda Nobles.
The Kilgore Economic Development Corp.’s board of directors approved the economic development performance contract with CSI Tuesday, June 19, 2012, at its regular monthly board meeting. The Kilgore city council consented to the agreement at its normal city council meeting Tuesday, June 26.
CSI is a major supplier to global soft drink, juice, bottled water, milk and dairy products as well as beer, food, liquor, pharmaceutical, personal care, automotive fluids and other markets. It is a member of Reynolds Packaging Group.
KEDC is the economic development agency for the city of Kilgore. It is directed by a five-member board and managed by a staff of four with expertise in finance, community development, marketing and business retention/expansion. KEDC has been recognized internationally for excellence in economic development.