Lexicon Inc. of Little Rock on Wednesday announced plans for a $37.6 million expansion of its corporate headquarters and steel fabrication operations in Little Rock, a project that’s expected to create 60 jobs.
The four-phase expansion is set to take place over two years. It includes the 46,000-SF expansion of Lexicon’s fabrication facility; remodeling of the company’s 40,000-SF facility on Sloane Drive; construction of a 6,165-SF production facility and the addition of 5,000 SF to Lexicon’s corporate office at 8900 Fourche Dam Pike.
Construction on the first phase of the project is expected to begin in 2025.
“Lexicon is proud to call Little Rock and Arkansas home,” CEO Patrick Schueck said in a news release. “From our headquarters here in the Port of Little Rock, we’re working in some 30 states across the country to Build America every day. This latest expansion shows what a great business climate we have here and how the state supports strong, responsible growth.”
Lexicon, founded in 1968 by Tom Schueck, provides a range of services, including construction management, steel fabrication, erection, mechanical installation and plant maintenance for heavy industrial, commercial and bridge projects.
The company has more than 2,000 employees nationwide, 523 of whom are in Arkansas. Lexicon was No. 2 on Arkansas Business‘ most recent list of the state’s largest steel producers.
Lexicon’s expansion comes as U.S. tariffs on steel imports are expected to increase demand for domestically produced steel. Economists say benefits to the steel industry are likely to be offset by negative impacts on industries that rely heavily on steel as a raw material. Automakers, builders and consumer goods manufacturers are likely to face higher production costs.
The state offered Lexicon the following incentives for the expansion: Create Rebate, which provides annual cash payments based on a company’s annual payroll for new, full-time employees, and Tax Back, which provides sales and use tax refunds on purchases of building materials and taxable machinery and equipment to qualified businesses investing the requisite amount and signing a job creation agreement.
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