Plastics manufacturer inks $1 billion contract for two Corpus Christi plants
CORPUS CHRISTI — A plastics manufacturer announced Friday a $1 billion construction contract for two new plants on the north side of the Corpus Christi Ship Channel.
The M&G Group of Italy bought land and secured local tax abatements for the plants last fall, and with Friday’s announcement the company signaled that construction could end by 2016, assuming it obtains environmental permits.
The plants will produce PET, plastic pellets used to make bottles and food packaging. They would be capable of making 1 million tons of resin per year, making M&G one of the biggest domestic players in an industry that generates about 3.1 million tons annually in North America, according to Petra, an industry trade group.
M&G projects 250 permanent new jobs, 700 indirect jobs and 3,000 construction jobs. The average annual salary at the plant is expected to be $53,000.
More at http://www.caller.com/news/2013/jan/11/plastics-manufacturer-inks-1-billion-contract/ .
[font color=green]Great news for the south Texas economy provided that the manufacturing process is sensitive to environmental concerns.[/font]
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