American Tank Co. announced Monday that it will spend $2 million to expand its New Iberia manufacturing facility, a move that will create 20 new jobs.
The company currently has about 50 employees.
The company, which builds bolted storage tanks for the oil and gas industry, municipal water systems and the dry bulk market, said the new jobs will have an average annual salary of $32,000 plus benefits. The expansion also will create 27 new indirect jobs.
Work at the company’s office on Admiral Doyle Drive in New Iberia will begin this summer and should be completed in the spring.
Once the project is completed, American Tank will go from having 5,000 square feet of manufacturing and office space to 20,000 square feet. New equipment will be added and some outdoor manufacturing operations will be enclosed.
“American Tank will work parallel with Louisiana Economic Development to create more manufacturing, engineering and construction jobs in Iberia Parish,” said Larry Romero, president of American Tank. “The logistics of southern Louisiana play a significant role in our goal to increase our international exports.”
The Louisiana Economic Development department said it has been working with American Tank on the expansion since June 2012. The state offered the company a performance-based $275,000 loan from Louisiana’s Economic Development Loan Program. American Tank is expected to use the state’s Quality Jobs cash rebate and Industrial Tax Exemption programs.
American Tank was founded in 1987.