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K&B Machine Works LLC, which makes pipe for the petroleum industry, said Monday that it will spend $40 million on a new manufacturing plant and headquarters in Louisiana's Terrebonne Parish.

K&B Machine Works it will expand its payroll from 220 to 240 employees once the site project near Schriever is complete in early 2013. Construction will require 80 workers.

The company will be consolidating its current 11-building complex in the Houma area into a single 35-acre manufacturing site. State economic development officials say K&B will receive a $2 million state incentive under a program encouraging more-efficient operations.

The company also will be eligible for industrial tax exemptions.