EUNICE, La. — Today, Gov. Bobby Jindal and Crest Industries CEO Kenneth Robison announced the company is acquiring the assets and will expand the workforce of Eunice-based Precision Cutting Specialties Inc., or PCS. Crest, based in Pineville, Louisiana, will invest $5 million to develop a new cutting, machining and fabrication facility in Eunice and add new machining centers to existing PCS equipment. Crest will retain 18 PCS jobs, and the expansion project will create 20 new jobs averaging $50,000 per year, plus benefits. LED estimates the investment will result in an additional 24 indirect jobs, for a total of 44 new jobs in the Acadiana Region.
Gov. Jindal said, “After prior headquarters and new plant expansions in Louisiana, Crest Industries is again on the move with another investment in our state. Now, with additional resources and the skilled workforce of Precision Cutting Specialties, Crest can further position itself as a manufacturing leader in the energy sector. Crest Industries is a great template for how Louisiana businesses, as well as other investors, can thrive by accessing our state’s best-in-the-nation business climate, skilled workforce and world-class infrastructure. We’re excited that Crest and PCS will be bringing new jobs to Acadiana.”
Founded in 1958, Crest Industries serves a global market in the electric utility, commercial and industrial electrical contractor, forestry and energy industries. The acquisition will enhance the ability of both Crest Industries and PCS to provide high-quality goods and services to meet the increased demands of industries served by both companies.
Crest Industries will diversify into the oil and gas sector with the acquisition of PCS, which also serves the utility, petrochemical and automotive industries. PCS represents the eighth business subsidiary for Crest Industries and will continue operations at its Eunice facility while the new facility is being built. The company will continue to operate under the PCS banner upon completion of the new 21,000-square-foot facility in the first quarter of 2015.
“Although some of the numbers show a modest U.S. economic recovery, we are not out of the woods yet,” Robison said. “It is exciting and encouraging to see the hard work of the people and leaders of Louisiana coming together to build a strong future. Louisiana is a great place to raise a family and grow a business.”
LED recently began working with Crest Industries on its growth plans for the Acadiana site. To support the expansion project in Eunice, the company is expected to utilize the state’s Quality Jobs and Industrial Tax Exemption programs.
“Our PCS team is proud to become part of the Crest family of companies,” PCS President Stan Loewer said. “This transaction will allow PCS to take advantage of one the greatest assets available in our state — a highly skilled workforce with a tremendous sense of community — and will enhance our ability to provide world-class service and state-of-the-art machining to our diverse customer base. I am proud of the success that PCS’ current workforce brings to our state and the Eunice community. We look forward to the economic and employment opportunities we are bringing to Acadiana.”
Crest Industries will begin filling the new positions at the Eunice facility in the fourth quarter of 2014. The company expects to complete hiring by the end of 2016. With the addition of PCS, Crest Industries will employ more than 630 workers throughout Louisiana.
“The enhanced capacity that will be brought to an already valuable employer in Eunice itself is real plus,” said Executive Director Bill Rodier of the St. Landry Economic Industrial Development District. “This is another example of the proactive pro-business culture in Eunice and St. Landry Parish that make them an attractive location for companies to consider location or expansion. Crest and its added employees will certainly be a welcome addition to the area.”
The acquisition of PCS marks the third major announcement by Crest Industries in the past year. In January 2014, the company announced a $2.3 million capital investment to add a new office building at its headquarters in Pineville, an expansion that will create 90 new direct jobs and result in an estimated 105 new indirect jobs. Three months prior to that announcement, Crest announced it will build a $15 million galvanizing plant in the Southeast Region of the state. That facility will create 70 new direct jobs and result in an estimated 95 new indirect jobs.
About Crest Industries
Founded in 1958, Crest Industries is the parent company of privately held, vertically integrated companies based in Louisiana, with offices in California, Indiana and Pennsylvania, and a production facility in Vancouver, Washington. Primarily supplying goods and services to the electric utility industry throughout the U.S. and abroad, Crest owns and manages extensive forest lands in Louisiana and Texas, and operates electrical wholesale distribution facilities throughout Louisiana. For more information, visit crestoperations.com.