Lufkin EDC announces company moving into old Lufkin Industries facility
LUFKIN, Texas (KTRE) - The Lufkin Economic Development Corporation (LEDC) has approved an economic incentive grant to the STI Group doing business as Texas Star Industrial Manufacturing, LLC (STI).
According to a press release, STI serves a wide customer base that includes clients from the oil and gas, petrochemical, aerospace, pulp and paper and power generation industries.
STI has approximately 1,000 employees company-wide. The press release said the company plans to employ a minimum of 75 employees at their new Lufkin location. The new site will be located on Industrial Drive in a building previously owned by Lufkin Industries.
The economic incentive grant, that will be presented to the Lufkin City Council for formal approval, includes a 10-year tax abatement that graduates from 100% in the first three years to 30% in year ten. The press release said STI will be required to provide documented proof of expending $4 million and has hired a minimum of 75 new full-time primary jobs.
“STI is in a strong and sustainable growth mode and the City of Lufkin wants to make sure we support manufacturers that want to grow their business in Lufkin, Texas. The city is on the right side of positioning Lufkin to continue our commitment of creating long-term generational jobs for East Texas,” said Bob Samford, Director of Lufkin Economic Development Corporation.
“Our customer base is expanding with the rebound of the United States economy and while we have many options where we could locate these new employees at the end of the day we want to expand our company in Lufkin, Texas,” said Paul Spence, Chief Executive Officer of STI Group. “Lufkin has a talented and diverse workforce and STI wants to be an economic contributor to the city’s success by locating our newest facility in this growing area of Texas.”
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