Gov. Rick Perry today announced Prudential Financial Inc. will create 300 jobs at a new facility in El Paso, with a focus on hiring veterans and their family members. The company is receiving a $1.15 million investment from the Texas Enterprise Fund to close the deal on this job creation and multimillion dollar investment. Execution of the state's agreement is contingent upon finalization of a local incentive offer as required by program criteria.
"Texas isn't just competing against other states for jobs like the ones Prudential is bringing to our state, we're competing against other nations, and a win for Texas means a win for the United States," Gov. Perry said. "That's why we work hard to maintain our economic climate, built upon our ongoing commitment to fiscal conservatism and maintaining a world-class workforce. Filling a major part of that workforce are our dedicated, talented military veterans, and Prudential's focus on filling these quality new jobs with Texas' capable veterans is a move that will greatly benefit employer and employee alike."
This announcement comes on the heels of yesterday's news that Toyota will be moving its North American headquarters and generating nearly 4,000 jobs in Plano. In the past two years, several major corporations, including Apple, Chevron, Visa and Tenaris have announced expansions in Texas, and are expected to add more than 6,700 jobs. To date, the TEF has invested more than $560 million and closed the deal on projects generating nearly 74,800 new jobs and over $24 billion in capital investment in the state.
Prudential is partnering with HGS USA on the El Paso facility, which will provide information technology support and contact center and back office services.
Prudential is a financial services leader with more than $1.1 trillion of assets under management as of Dec. 31, 2013, and operations in the U.S., Asia, Europe and Latin America. Prudential assists individual and institutional customers through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management.
"We're delighted to open our new technology and business operations center in El Paso with its diverse and skilled community," Prudential Chairman and CEO John Strangfeld said. "With this new business, Prudential is continuing its commitment to provide meaningful training and employment to veterans, military service members and their families and people from diverse backgrounds."
Prudential has a longstanding commitment to veterans and active service members, implementing company-wide programs to help transition veterans, and supporting similar programs that provide veterans with access to education, job training and employment opportunities.
"El Paso is proud to be a new home for Prudential. The city and all our partners are committed to ensuring the success of Prudential's latest expansion. Prudential has proven their dedication to our armed forces, and today's announcement continues to show their support of the military through the commitment to hire military veterans and their spouses," El Paso Mayor Oscar Leeser said. "I want to thank Prudential Chairman and CEO John Strangfeld and Prudential CIO Barbara Koster and their team for their trust in the El Paso community and our skilled workforce."
The Legislature created the TEF in 2003 and reauthorized funding in 2005, 2007, 2009, 2011 and 2013 to help ensure the growth of Texas businesses and create more jobs throughout the state. TEF projects must be approved by the governor, lieutenant governor and speaker of the House. The fund has since become one of the state's most competitive tools to recruit and bolster business.