Published: February 13, 2007 01:04 am      

Company has right chemistry for Greenville

GREENVILLE — Local government and business officials believe they have hit on a winning formula, by bringing a chemical and logistics company to Greenville.

FSTI was unveiled Monday as the proposed anchor tenant for the Board of Development’s new Industrial Park West development, along U.S. Highway 380 just west of the Greenville city limits.

FSTI intends to build and operate a $20 million salt-refining facility on approximately 17.5 acres at the site.

“This is some big excitement for the citizens of the City of Greenville,” said Board of Development chairman Michael Taylor.

“This will be a great company for the community,” added Board of Development Executive Director Ben White. “It is a great win for Greenville and Hunt County.”

The Board of Development had been in negotiations with the company since December, 2005 under the code name of Project Salary.

During a joint luncheon session of the Board and Development and the City Council, it was announced FSTI had entered a completion agreement with the Board of Development/Economic Development Corporation (EDC) to transfer ownership of the site. Meanwhile, the EDC will extend its sponsorship of industrial revenue bonds, upon which FSTI plans to close by the end of March.

Former Board chairman Dee Hilton has been closely involved with the proposal since it was first brought to the Board’s attention, following an inquiry from the office of Governor Rick Perry. Hilton said the Board has received similar inquiries in the past, none of which worked out.

“This is the first one that’s ever come to fruition,” Hilton said. “This is a perfect fit for Greenville.”

“They made their first site visit in January, 2006,” White said. “It has been an interesting ride.”

FSTI, which stands for Fluid Solution Technology Incorporated, began in 1998 near Manor, Texas as a manufacturer and distributor of chemicals to both municipalities and private enterprises such as Texas Instruments and Samsung.

Hilton said FSTI is a rapidly growing industry.

“It’s doubled in size in the past year,” Hilton said, adding the company was interested in the new industrial park due to its proximity to a rail line.

“They are going to start distributing almost immediately, using the rail,” Hilton said.

Equipment for the plant itself will require 12 to 18 months to deliver. Once it is fully operational, the facility is expected to provide a significant financial benefit to the City of Greenville.

“This particular plant will be one of the largest users of electricity in the community,” Hilton said. “GEUS is projecting at least $2.5 million per year. That’s if they build the plant they had intended at first. It looks like now they will build one double that size.”

The City of Greenville would receive 3 percent of the revenue from GEUS, while the Board of Development would get a 1 percent share.

Hilton said GEUS even volunteered to pay for the construction of a new road off of Highway 380 and into the Industrial Park.

“That’s what really made this work,” Hilton said.

FSTI would eventually be annexed into the City of Greenville, at which time a tax abatement agreement would be implemented.

“They are moving very quickly on that,” Hilton said.

Stoney Barton, the company’s vice president, thanked all those involved with bringing the company to Greenville. Barton said Mayor Tom Oliver suggested a slower pace be taken during some of the negotiations.

“And we probably ended up with a better solution for everybody because of that,” Barton said.

Barton explained the chosen location was ideal, as it offered access to the Dallas/Fort Worth area.

“The city also had all the infrastructure we needed,” Barton said. “The biggest reason we came here is because the EDC and the city put this all together and made a home for us.”