The state is pledging $50 million to expand and renovate LSU's College of Engineering. The school has to match the state's contribution with $50 million in private funds. It has already raised $8 million.
Acknowledging that LSU is going through tough economic times, interim Chancellor and President William Jenkins says partnerships with the private sector are crucial.
"It's going to be impossible, at least for the foreseeable future, to do this just on federal or state support," said Jenkins.
Announcing the collaboration, Gov. Bobby Jindal said more engineering graduates are "critical" to meet the demand in the state's economy.
The College of Engineering will gain labs for teaching and research, more space for graduate students, and an academic support center.
Design for the expansion will begin later this year with construction beginning by fall of 2014. The project is expected to be finished by fall 2016.