Two big companies could be expanding into Fort Worth’s booming industrial market, with a combined investment of $585 million.
Siemens AG, a German technology company, wants to open a $133 million manufacturing plant at 7200 Harris Legacy Drive at Carter Park East to produce low-voltage switchgear and switchboards, the Fort Worth Report reported.
Meanwhile, California-based beverage manufacturer DrinkPAK is looking to develop two facilities, one also at Carter Park East and another at 25001 Eagle Parkway in Denton County, near the Fort Worth Alliance Airport.
The Fort Worth City Council is negotiating tax breaks and incentives with the companies. For Siemens, the city has proposed a 10-year tax abatement of up to 70 percent of incremental real and business personal property, which carries an estimated value of $6 million. In exchange, Siemens must pay employees a minimum salary of $63,000. If this requirement isn’t met, the abatement would be forfeited.
The company has stated that it plans to pay workers more than $63,000 annually and create 167 full-time jobs by the end of 2024, with plans to ramp up to 715 jobs by the end of 2026. Siemens has also agreed to commit 15 percent of hard and soft construction costs to minority- and women-owned businesses. If this criteria isn’t met, the grant would be reduced by 10 percent, the outlet said.
The city has offered the same 10-year abatement to DrinkPak, equating to an estimated $21 million incentive. The company, which manufactures cans for hard seltzer, canned cocktails and other drinks, would invest $452 million between two phases by January 2028 in exchange.
DrinkPak could lose the abatement if it fails to pay employees a minimum annual salary of $70,000. Reductions may also occur if either development provides fewer than 800 full-time jobs.
A public hearing regarding these incentives will be held on Sept. 12, and a final city council vote will follow.
—Quinn Donoghue
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