Last Friday, Texas Gov. Rick Perry announced that his state was going to invest $1.125 million in Frito-Lay North America to create 125 jobs in North Texas and generate more than $50 million in business infrastructure.
Frito-Lay North America will use the funds to implement SAP business management software and other IT system upgrades, the Gov. said. And they will be tapping the Texas Enterprise Fund (TEF) to implement the project in Plano, Tx.
PepsiCo, Frito-Lay’s parent company, is implementing a multi-year business project that includes an enterprise resource planning (ERP) application and the ability to consolidate its SAP business management software conversion team in Plano. Funds will go towards this project and support future PepsiCo projects in the area.
TEF is an incentive tool to foster business growth in Texas, and lure companies away from competing states. According to the governor’s office, the fund has become one of the state’s most important tools to recruit and retain business in the state. First started in 2003, TEF projects must be approved by the governor, lieutenant governor and speaker of the House. A statement released with the announcement says $392 million in projects has generated more than 52,800 new jobs and more than $14.36 billion in capital investment in the state through TEF.
“The City of Plano is very pleased to be involved in this exciting partnership with PepsiCo, Frito-Lay and the State of Texas,” Plano Mayor Phil Dyer said in a statement. “The City of Plano’s Economic Development Incentive Fund was an important component of the company’s decision to expand here.”