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New manufacturing firm opens in Kilgore

New manufacturing firm opens in Kilgore
Monday, August 29, 2011 - 10:28am

The Kilgore business community will officially welcome its newest corporate citizen on Wednesday as Drilltools hosts a grand opening event and tour.

Drilltools is at 4001 Enterprise in Kilgore’s Synergy Park. Company officials have scheduled a ribbon-cutting and program beginning at 11:30 a.m. Wednesday, according to Kilgore Economic Development Corp.

The new company manufactures drilling and excavating tools with wear- resistant products. Those products are used in the drilling and removal of earth and rock for foundation construction support caissons, auger cast and other earth retention systems.

Drilltools officials earlier said they planned to invest $5.28 million in its new facility.

The Kilgore Economic Development Corp. approved a performance contract with the company and agreed to provide $337,500 in construction capital for the 50,000-square-foot facility on a 9.25-acre tract in Synergy Park.

KEDC Executive Director Amanda Nobles said the new company is expected to pump more than $6.8 million into the local economy during the next 10 years in wages, benefits, taxes and capital investment.

The start-up will manufacture equipment used in the construction of piers, bridges and other structures that require significant foundations.

Read the full story here.

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