CenturyLink (NYSE: CTL) has put Louisiana leader's fears to rest as it now plans to add 800 new jobs in the state by 2016 and open a new campus at Monroe, La. headquarters.
Similar to the 350-job expansion CenturyLink, then known as CenturyTel, announced in late 2009 after it purchased the former Embarq, the state is helping this effort by providing new incentives to the ILEC.
"We've worked with the leadership there since 2009, and I can't say enough great things about (Post), his team and the company's board," said Gov. Bobby Jindal in a News-Star article. "This will mean hundreds of new, great-paying jobs, a capital expansion and a partnership with the state and Louisiana Tech University."
To ensure the ILEC's headquarters will remain in Louisiana through at least 2020, CenturyLink has established a cooperative agreement with the Louisiana Economic Development (LED).
Under the terms of the headquarters agreement, the LED created a "customized incentive package" that includes a performance-based grant of $14.9 million to pay for 50 percent of building or leasing additional headquarters space in Monroe, as well as a performance-based grant of $3.3 million to reimburse relocation costs. In addition, LED will provide $1.2 million over four years to help CenturyLink expand its ongoing partnership with Louisiana Tech University.
A big incentive for Louisiana is economic development. With CenturyLink instantly becoming one of the three largest ILECs via its acquisition of the former Qwest and now Savvis Communications--two acquisitions that give it a number of new business service capabilities--Louisiana becomes an even more attractive hub for businesses are considering opening up offices in the state.
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