Gov. Edwards Announces IMTT Headquarters Expansion In New Orleans
NEW ORLEANS — Today, Gov. John Bel Edwards announced International-Matex Tank Terminals, a North American leader in bulk-liquids handling and storage, will retain and expand its headquarters in New Orleans. By the end of 2021, IMTT will make a $1.3 million capital investment to expand its 400 Poydras Plaza headquarters, and by 2022 the company will create 42 new direct jobs with an average annual salary of $133,000, plus benefits.
“GNO Inc. is thrilled to have been able to work with IMTT to keep their headquarters in New Orleans,” said President and CEO Michael Hecht of Greater New Orleans Inc. “With over eight decades in the region, IMTT is a fixture in the trade and logistics economy. We are thrilled that IMTT will be adding over 40 jobs, and helping to lead the way to further growth on the Mississippi River.”
The project will bring IMTT’s headquarters employment to 87 in the Central Business District of New Orleans. Louisiana Economic Development estimates the expansion also will result in 47 new indirect jobs, for a total of nearly 90 new jobs in the state’s Southeast Region. Building on 220 current jobs across its Louisiana operations, IMTT’s annual payroll in the state will approach $30 million.
“Beginning at Avondale some eight decades ago, the Coleman family built IMTT into one of the continent’s leading third-party providers of bulk-liquids storage and handling services,” Gov. Edwards said. “With IMTT now under new ownership, we are delighted to not only retain the company’s headquarters in New Orleans, but to also expand that presence with new jobs coming from out-of-state. This headquarters project is a great win for Louisiana.”
In December 2020, asset management firm Riverstone Holdings LLC acquired IMTT from Macquarie Infrastructure Corp. Company leadership evaluated options ranging from retaining some of Macquarie’s shared-services employees in the Dallas area to relocating headquarters to Houston. Ultimately, they identified growing in New Orleans as the best option.
“Following our change in ownership, we are relocating certain back-office functions from Texas to New Orleans,” company CEO Carlin Conner said. “IMTT was founded in New Orleans over 80 years ago and we have a long and cherished history with the city. We are excited to maintain and expand our corporate headquarters here.”
To learn more about job opportunities at IMTT, visit Opportunities.LEDfaststart.com/global/en/IMTT.
Four of IMTT’s 19 terminal operations are located in Louisiana, with sites in Avondale, Geismar, Gretna and St. Rose. Company terminals serving the Lower Mississippi River and the New York Harbor each represent about one-third of IMTT’s storage capacity, with the remainder distributed across other sites in the U.S. and Canada. IMTT handles distribution and storage of petroleum, biofuels, commodity and specialty chemicals, and vegetable and tropical oil products.
“From day one of my administration, creating high-quality jobs and attracting and retaining great companies have been top priorities,” New Orleans Mayor LaToya Cantrell said. “This investment from IMTT is coming at the right time as we begin our Road to Recovery from the COVID-19 pandemic. I congratulate IMTT on their expansion and look forward to their continued success and getting our people back to work with sustainable and impactful jobs.”
LED and its economic development partners began formal discussions with IMTT about a potential headquarters expansion in late 2020. To secure the project, the State of Louisiana offered IMTT a competitive incentive package that includes performance-based grants of up to $475,000, to be paid in annual installments over five years. IMTT also will receive the comprehensive workforce solutions of the nation’s No. 1 state workforce training and talent attraction program, LED FastStart®. In addition, the company is expected to utilize Louisiana’s Quality Jobs Program.
At 400 Poydras Plaza, IMTT will expand its corporate headquarters from approximately 27,000 square feet to more than 33,500 square feet. With the build-out of additional space in 2021, the company will fill an estimated 30 new jobs in corporate accounting, taxation, finance and information technology, with the remaining jobs filled during 2022. The New Orleans headquarters provides corporate support for approximately 1,000 IMTT employees across North America.
“Successful entrepreneurs have been building great businesses right here in New Orleans for generations,” said President and CEO Quentin Messer Jr. of the New Orleans Business Alliance. “This announcement is further evidence that New Orleans remains a city with great entrepreneurs and a talented workforce. IMTT’s commitment to keep their headquarters in New Orleans and create new opportunities here demonstrates that the city continues to be a premier location for companies in the transportation and energy sectors. New Orleans Business Alliance looks forward to ensuring IMTT’s continuing success and cannot wait to recruit additional jobs to our city.”