Business is picking up for a Tyler oilfield equipment manufacturer so much so that it's looking to expand and bring on more employees.
The company - Crest Process Systems Inc. - will receive a tax abatement from the city of Tyler in exchange for meeting certain infrastructure investments in its facility and creating additional jobs. The deal was approved Wednesday by the Tyler City Council.
Crest Process Systems Inc. was founded in January 2012, according to the Tyler Area Economic Development Council. It specializes in engineering, design and fabrication of production equipment for the oil and gas industry, and is headquartered on 10 acres off Robertson Road in the Tyler Industrial Park.
The company had $12 million in sales in 2015, but then the market declined.
This year, those orders have picked up and the company is expanding its current 50,000-square-foot facility to include an additional 25,000-square-foot building with overhead cranes and welding stations, which will be built at its current location, according to the EDC.
The project will create new investment of $2.2 million in the plant and equipment and add 20 new jobs, plus maintain the current 45 employees, according to the EDC.
The facility primarily employs welders and pipe fitters, and the estimated salary of the new employees is $52,000 annually.
According to the abatement, the company will not pay any new property taxes on the increased value of the property for three years. It will, however continue to pay the taxes on the existing facility, according to the EDC.
The 2016 taxable value is $1.96 million, and will not be included in the abatement.
Crest’s primary customers are on the Haynesville shale area, of north Louisiana, and in west Texas’s Permian Basin.
The same abatement package will go before other taxing entities for their consideration in participating in the abatement.
The request also will be presented to the Smith County Commissioners Court on June 20 and to Tyler Junior College Board of Directors on July 27, according to the EDC.