Fort Worth seeks to lure 1,700 new jobs, $600 million in investment with tax incentives
Two companies are proposing to invest nearly $600 million in Fort Worth as part of expansions that would create more than 1,700 jobs.
Industrial manufacturing giant Siemens and beverage container manufacturer DrinkPak are both seeking incentives from the city. Fort Worth City Council will decide Sept. 12 whether to approve incentives for both companies.
Siemens Industry Inc., the German company’s U.S. subsidiary, has a low-voltage circuit breaker plant in Grand Prairie and is now looking to open an advanced manufacturing plant in Fort Worth.
The new Siemens plant at 7200 Harris Legacy Drive would make low-voltage switchboards and switchgear. Under the proposed incentives, Siemens would invest $70 million in the building by the end of 2024 and another $63 million in equipment by January 2025.
The company would create up to 715 full-time jobs by the end of 2026, with nearly one-quarter coming to Fort Worth by the end of 2024. The jobs would pay an average salary of $63,000.
DrinkPak, an alcoholic and non-alcoholic beverage manufacturer founded in 2020 in Los Angeles, is looking to open two facilities in Fort Worth that would employ 1,000 people. Those plants would produce canned cocktails, energy drinks, canned cold brew and hard seltzers.
One location in Denton County at 25001 Eagle Parkway would sit within the Trammell Crow development near Perot Field Fort Worth Alliance Airport. That site would finish in January 2027. The second plant would open in southeast Fort Worth in the Carter Park East industrial park by January 2028. DrinkPak would invest a combined $452 million.
DrinkPak pledged to create 550 jobs by December 2026 for the first manufacturing plant and 450 jobs by December 2027 for the second location. Jobs would have an average annual salary of more than $70,000.
Both Siemens and DrinkPak also committed to spending 15% of their construction costs on local minority- or women-owned firms.
The city would provide DrinkPak a $21 million tax abatement, or an exemption of up to 70% of DrinkPak’s incremental real and business personal property over the next 10 years. The proposed package for Seimens would provide an estimated $6 million tax abatement, which is up to 70% of the company’s incremental real and business personal property over 10 years. The grant would be lowered by 10% if Siemens does not meet equity construction requirements.
City staff expect the Seimens project to generate $2.6 million in new tax revenue, which would pay back the incentives in around six years. DrinkPak’s expansion is expected to generate $8.9 million in tax revenue, making up for the incentives in about seven years.
Both the Siemens site and second DrinkPak site on Oak Grove Road are owned by industrial development company Carter Park East Land LLC.
Jenny Rudolph, Fort Worth Star-Telegram (TNS)