The Oklahoma Department of Commerce, Community Development, (Commerce) announced that the City of Durant is the recipient of a Community Development Block Grant – Economic Development Infrastructure Financing (CDBG-EDIF) award totaling $939,366.
The award will be used for the construction of a publicly-owned building to support the expansion of Tubacex Durant, Inc. This award allocation will help support Oklahoma’s continuing commitment to job creation and diversification of Oklahoma’s economic base. Commerce manages the federally funded CDBG-EDIF program in the State. Additional funding for the project will be provided by the company.
The CDBG-EDIF program helps eligible cities, towns, and counties with the financing of infrastructure improvements for new companies or industries locating to Oklahoma or expanding Oklahoma businesses. The purpose of the program is to stimulate long-term job creation and investment.
Tubacex SA is a Spain-based company founded in 1963 and headquartered in Llodio, Spain. The company is primarily engaged, through its subsidiaries, in the steel industry. The company’s main activity is the manufacture, distribution and sale of seamless stainless steel and high nickel alloy tubes and pipes worldwide. Its products are used in the oil and gas, power generation, chemical and petrochemical, aerospace, precision tube, metal mechanical, forging, re-rolling, long product, profile, and other process industries. Tubacex Durant, Inc. will produce stainless steel tubes to be utilized for Hydraulic, Instrumentation and Heat Exchanger applications. The main markets for Tubacex target products are the Gulf of Mexico, Tampa, Florida, and Oklahoma making Durant, Oklahoma an optimal location for a new plant expansion.
The City of Durant is requested $939,366 in CDBG-EDIF funds for water and wastewater improvements necessary for operations and fire suppression that will meet the company’s manufacturing requirements. The company is investing $41MM in new building and equipment. As a result of the infrastructure improvements, 126 new jobs will be created with 65 of the jobs being made available to low and moderate income persons.
To request a CDBG-EDIF application, contact Karen Adair, Oklahoma Department of Commerce, Karen.Adair@OKcommerce.gov or call (405) 815-5363.