Catamaran Solutions expected to bring 120 jobs to city
Minden is gaining a new employer, promising 120 new jobs over the next three years. Catamaran Solutions Inc., a provider of technology-enabled construction and maintenance related services, has acquired Reynolds Industrial Contractors Inc. in Minden through its subsidiary, Catamaran Industrial Services, according to press releases from both the City of Minden and Gov. John Bel Edwards’ office.
Since January 2018, Reynolds has been scaling back its operations. The new entity, Catamaran Industrial Services, will own and operate the former Reynolds property as its fabrication headquarters for work throughout the Americas.
Catamaran’s business model centralizes workforce and supply chain needs for construction sites while integrating remote-sensing technologies and analytics to detect and predict maintenance needs at existing operations. In addition to the 120 new direct jobs in Minden, which will produce an average annual salary of $61,200, plus benefits, Louisiana Economic Development estimates the project also will result in 186 new indirect jobs, for a total of more than 300 new jobs in North Louisiana.
“Catamaran Solutions provides a glimpse into our state’s industrial services future,” Gov. Edwards said. “The company is harnessing the assets of a 40-year-old business in Minden, drawing on the talent of Louisiana’s top-ranked manufacturing workforce, and developing technology to create a new kind of industrial services company. We’re encouraged by the growth of Louisiana’s I-20 Cyber Corridor and communities like Minden that are attracting the leading jobs of the future for their people.”
Founded earlier this year, Catamaran Solutions is led by Chip Ray, who formerly served as president of CB&I’s Baton Rouge-based Capital Services group, which served customers worldwide through 15,000 employees. Catamaran’s leadership team, as part of the company’s strategic plan, identified the Reynolds Industrial business as an ideal acquisition in piping and structural fabrication.
Plans are to create 40 new jobs within the first year of operations in Minden and another 80 positions during the second year. Once the current 135,000 square foot facility is fully utilized, Catamaran expects to expand its capacity in Minden with the addition of new pipe and modular fabrication bays. Catamaran plans to employ 350 to 500 people in Louisiana within a few years. Approximately, two-thirds of anticipated sales will be to out-of-state customers.
“We are very excited to establish our new operations in Minden and we are glad to be working with James Graham of the City’s Economic Development Department and with Louisiana Economic Development to help further solidify our expansion activities,” Ray said.
“This is a wonderful early Christmas present,” Minden Mayor Tommy Davis said. “We intend to help Catamaran Solutions LLC exceed expectations as they implement their new investment here in Minden. The city’s economic development program is a long-term investment, and after three years is now beginning to show results.”
To secure the Catamaran Solutions project, the State of Louisiana offered a competitive incentive package that includes the comprehensive workforce solutions of LED FastStart®, the nation’s No. 1 state workforce training program. In addition, Catamaran is expected to utilize Louisiana’s Quality Jobs Program.
Approximately two-thirds of Catamaran Solutions revenue will be generated by out-of-state sales. The company anticipates expanding its Louisiana workforce to as many as 500 employees statewide over time.
“We congratulate the City of Minden for recruiting Catamaran Solutions, which will create good-paying jobs for North Louisiana,” said President Scott Martinez of the North Louisiana Economic Partnership. “I commend Mayor Tommy Davis and Minden Director of Economic Development James Graham for their leadership in bringing this quality company to our region.”