News Summary
Shreveport is set to receive a $50 million investment from Ascentek, Inc. for a new manufacturing facility, expected to create 338 new jobs in the region. The 270,000 square foot facility aims to enhance operational efficiency in response to increasing global demand. Construction is projected to start before 2025, bringing significant economic benefits as it retains existing jobs and adds new positions across various sectors. Additionally, the project promises improvements to community infrastructure and manufacturing capabilities.
Shreveport Welcomes $50 Million Ascentek Expansion Project
Shreveport will soon witness a significant economic boost as Ascentek, Inc., a leader in fluid and lubricant technology, announces plans to invest $50 million in a new manufacturing facility. This project is set to create 338 new jobs in the region, further enhancing employment opportunities in Caddo Parish and Northwest Louisiana.
The new manufacturing assistance facility is planned to span 270,000 square feet and is designed to improve the operational efficiency of Ascentek’s existing production and distribution center in Caddo Parish. This expansion comes in response to a notable increase in global customer demand for the company’s products.
Construction on the new facility is anticipated to commence before the end of 2025, with a completion timeline of approximately 18 months to two years, indicating a robust commitment to enhancing manufacturing capabilities. The expansion is expected to incorporate advanced high-speed production technologies and improved material handling and storage equipment, which are vital for increasing manufacturing efficiencies.
Job Creation and Economic Impact
The expansion is anticipated to create 91 new direct jobs in areas such as manufacturing, production support, and business administration, while retaining 105 existing positions. Additionally, Louisiana Economic Development (LED) projects that the project will indirectly generate 247 extra jobs in the local economy, bringing the total potential job growth to 338 in the Shreveport area.
LED Secretary Susan B. Bourgeois emphasized Ascentek’s dedication to the local workforce and aligned economic strategies, highlighting the project’s positive impact on the community. Justyn Dixon, President and CEO of North Louisiana Economic Partnership, underscored the expansion as vital for the regional economy, including Shreveport and surrounding areas.
Community and Infrastructure Benefits
The economic incentives provided through LED’s programs include workforce development solutions via LED FastStart, along with involvement in both the Industrial Tax Exemption and Quality Jobs programs. These initiatives underscore the state’s commitment to fostering a favorable business environment for growth and development.
This expansion project will also incorporate critical infrastructure improvements, enhancing not only the manufacturing capabilities of Ascentek but also addressing community safety and operational efficiency within the facility.
A Rich History of Lube-Tech
Ascentek originated from Lube-Tech, a company with a history that dates back to 1925. The company’s commitment to innovation in industrial fluid, lubricant, and chemical manufacturing aligns with the demands of modern industry, setting a foundation for its growth in the years to come.
Caddo Parish Commissioner Stormy Gage-Watts has expressed optimism for the project, recognizing the potential of the local workforce and the promise of sustained economic vitality in the area. Mayor Tom Arceneaux echoed these sentiments, stating that the expansion positions Shreveport as a growing manufacturing hub, further solidifying its role in regional economic development.
Conclusion
The upcoming Ascentek manufacturing facility represents a significant investment in the Shreveport community, combining job creation, infrastructure improvement, and expanded manufacturing capacity. As construction is set to begin in the next couple of years, the ripple effects of this development are expected to positively impact both the local economy and the workforce.
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- Shreveport Bossier Advocate: New Facility Expansion
- Wikipedia: Shreveport
- Shreveport Times: Economic Outlook
- Encyclopedia Britannica: Louisiana
- Shreveport Bossier Advocate: Economic Outlook
Author: STAFF HERE SHREVEPORT WRITER
The SHREVEPORT STAFF WRITER represents the experienced team at HEREShreveport.com, your go-to source for actionable local news and information in Shreveport, Caddo Parish, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Mudbug Madness Festival, Red River Revel Arts Festival, and Independence Bowl. Our coverage extends to key organizations like the Shreveport-Bossier Chamber of Commerce and Shreveport Regional Arts Council, plus leading businesses in gaming, healthcare, and energy that power the local economy such as Horseshoe Casino, Ochsner LSU Health, and Atmos Energy. As part of the broader HERE network, including HEREBatonRouge.com and HERENewOrleans.com, we provide comprehensive, credible insights into Louisiana's dynamic landscape.
