Chemical co. wins millions of dollars in incentives for Clear Lake expansion

Irving, Texas-based Celanese Corp. (NYSE: CE) has reached an agreement to build a new petrochemical unit in Clear Lake in exchange for millions of dollars in tax incentives from the local school district.

The La Porte Independent School District has agreed to tax the $400.02 million asset as though it were worth $80 million for the 10-year life of the agreement, according to documents published by the Texas Comptroller. The company’s tax break over the 10 years will total $21.85 million.

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