Lotte Chemical USA will be moving its headquarters from Houston to Southwest Louisiana, announced Gov. John Bel Edwards during a news conference on Thursday afternoon at Lotte's facility near Sulphur.
"To locate the headquarters here next to it's industrial facility that is still under construction that is a tremendous accomplishment," said Edwards.
Moving the headquarters here to Southwest Louisiana also allows the company to offer more jobs to residents.
"It's going to add about 50 additional jobs, and get us up to about 265 or so total jobs," said Lotte Chemical executive site director, Jim Rock."
Rock says there are many advantages for the new headquarters to move out here to Southwest Louisiana.
"This location is rich in raw materials, the ethane is a feed stock for the ethane cracker and also access to pipelines to distribute our products once we make them and great infrastructure with highways, railroads and waterways." said Rock."We can ship our product out in a variety of ways."
But Thursday's news is not only a great thing for Lotte Chemical, but Southwest Louisiana as we continue to grow and expand economic development in our area.
"It's just a great sign for Southwest Louisiana," said Edwards. "I'm excited to be here today and to break this news."
Lotte, a South Korean conglomerate, is investing billions in projects in Southwest Louisiana.
Lotte has joined with Axiall and Westlake Chemical in separate projects to build ethane crackers, which Lotte will use to produce monoethylene glycol (MEG).
Lotte will invest around $28 million for the new corporate facility, said Edwards.
Lotte is also constructing a $1.1 billion MEG plant near the I-10/210 interchange. The new corporate facility and the MEG plant are estimated to bring 130 new direct jobs - with an average annual salary of more than $80,000 - 1,200 permanent new indirect jobs, and more than 3,000 construction jobs to the area, Edwards said in a news release.