By AP
Ada, OK – Company announces expansion in southern Okla. town
ADA, Okla. (AP) A manufacturer of building materials plans to expand its operations in Ada and employ more than 200 people in the next several years.
The Ada Jobs Foundation announced Friday that PEI Worldwide of Plano, Texas, will move into a vacant building at the city's industrial park and invest more than $6 million into the facility. Company officials say they plan to employ up to 275 people eventually, and offer an annual hourly wage of more than $15.
PEI Worldwide makes Thura-Block, a composite insulating building component. It's composed of proprietary recycled polystyrene and cement.
City officials entered into an agreement with PEI Worldwide that will provide incentives for the company if certain employment goals are met.
Officials say the incentives will be paid after quarterly employment numbers have been confirmed.
Copyright 2011 The Associated Press.