Our Views: From sale, new growth

With the February acquisition of the Shaw Group, one of the few Louisiana-based corporate giants, by engineering giant CB&I, the new owners have pledged to remain a presence in Baton Rouge.

Now, CB&I will centralize its government solutions division in Baton Rouge, bringing 400 new jobs.

We agree with Gov. Bobby Jindal and Mayor-President Kip Holden that this is great news for Baton Rouge as well as the state’s economy.

Employees will come from a number of CB&I offices but there likely will be some additional hiring as some employees do not relocate, said Chip Ray, president of the division.

This seems a solid upside to what could be a nightmare for economic development officials, out-of-town acquisition of a big local company. The state Department of Economic Development and the Baton Rouge Area Chamber are to be commended for successfully pitching Baton Rouge as a location for growth for the acquiring company.

CB&I benefits from generous state subsidies for the move, including a $3.3 million direct grant if it meets hiring targets.

Not all economic development subsidies are worthwhile investments but this one seems justified to us, bringing good jobs to the state.

We hope that CB&I and its workers have a long and fruitful association with Baton Rouge and Louisiana.