IP To Invest (CONT’D FROM PAGE 1 )
Core Competency
Bogalusa Mill Manager, Bernie Chascin. “We are grateful for the support of Louisiana leaders and our community partners who play an important role in our success,” he said. “The plentiful fiber resources and hardworking peo- ple of Louisiana have made doing business here a worth- while investment for over a century, and that is why we continue to invest today.” Since making an initial $44 million capital investment in crane and wood-chipping technology in 2012, IP has in- creased the number of direct employees in its Bogalusa workforce from 411 to 492, a nearly 20 percent gain. Louisiana Economic Development began formal dis- cussions about the Bogalusa Mill project plan with Inter- national Paper in March 2020. To secure the project, the State of Louisiana offered a competitive incentive pack- age that includes a $500,000 Modernization Tax Credit, and the company also is expected to utilize the Industrial Tax Exemption Program. “Upon hearing the news of International Paper’s plans to invest millions of dollars into the mill and into our com- munity, I was elated,” Bogalusa Mayor Wendy O’Quin-Per- rette said. “This is a significant reinvestment by Interna- tional Paper that will affect the lives of every citizen in the City of Bogalusa. By securing nearly 500 jobs, we look for- ward to the economic prosperity this investment will bring to our community for many years to come.”
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February 1, 2021
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