A Texoma company is expanding and thanks to the state of Texas that expansion will be right here in Wichita Falls.
On Thursday Governor Rick Perry announced that the Texas Enterprise Fund is awarding Latex Foam International a little more than $1 million to boost their operation.
For the city it means more jobs and in turn more revenue. The company was indecisive about whether to expand their manufacturing section to Georgia or here, but with the big $1 million incentive, it was an easy choice.
Latex Foam International laid ground in Wichita Falls last summer. The company is a manufacturer of bedding products such as pillows and mattress cores. It shares the same building as Natura World and now they're already looking to expand.
"It's going to take a year to a year and a half to build the plant," said Tim Chase, President & CEO of the Wichita Falls Chamber of Commerce.
One the plant is built 190 jobs will open up and will generate an estimated $32 million in capital investment to the area.
"Every time we're able to bring in a new operation that makes something here and sells it outside the area, what happens is when that sell takes place it brings in a new dollar into the local economy, a dollar that wasn't here the day before that sale," said Chase.
The is the second time the Texas Enterprise Fund awarded a Texoma company money to boost their business, the last was Natura World. Even though these local companies have been successful in securing TEF funds, it's not easy.
"Our legislators had to vote on it and they had to put money in that pot. For us in Wichita Falls to have received two of these awards in a matter of 10 months is pretty remarkable," said Chase.
The Texas Enterprise Fund is one of, if not the best closing deal in the nation, bringing in businesses and jobs to the state, and more importantly to Texoma.
The new plant will serve as a central distribution area for their products. There is no exact date on when the expansion will be finished.