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Smiths Aerospace Components Inc., the largest European-based aerospace equipment company, announced that will it invest $44 million to build and equip a plant in West Jefferson to produce turbine engine components. The facility, which will employ 305 workers within five years, will be the company�s second in North Carolina. Smiths Aerospace currently operates a similar plant in Asheville with 295 employees.
"Smiths Aerospace�s decision to build a second plant in our state shows that our aggressive economic development strategies are paying off and providing good jobs for hard-working North Carolinians," said Governor Easley. "We are continuing to provide the quality workforce necessary to be a top competitor in the new global marketplace." Smiths Aerospace is a major supplier to both Boeing and Airbus, providing equipment for large civil aircraft, prominent regional and business jets, and military helicopters and planes. The company employs more than 10,000 workers with annual revenue of $2 billion in Europe and North America. Smiths Aerospace considered sites in both North Carolina and South Carolina before choosing Ashe County. "We are pleased to grow our business in North Carolina, which offers a skilled and competitive workforce with excellent community college training programs," said Smiths Aerospace Components President Peter Wright. "This new facility will be in close proximity to our existing site in Asheville and provides for the consistent flow of processes and best practices between the two operations." The new jobs in Ashe County will be primarily for machine operators and, while individual wages will vary, the jobs will pay an average of $520 a week plus benefits. That is well above the county�s average weekly wage of $441 plus benefits.
Generate a cumulative gross state product value of $683.8 million; and Produce a positive, cumulative net state revenue impact of $20.67 million For each year the company meets required performance targets, the state will provide a grant equivalent to 70 percent of the state personal income withholding taxes derived from the creation of new jobs. If the company creates the jobs called for under the agreement and sustains them for 12 years, Smiths Aerospace could receive a maximum benefit of $2.4 million. The JDIG program awards up to 25 grants annually to strategically important new and expanding businesses and industrial projects. These grants are only awarded to projects whose benefits exceed their costs to the state and which would not be undertaken in North Carolina without the grant. Since 2003, JDIG is responsible for bringing more than 10,000 jobs and $2 billion in investment to North Carolina. In addition to the state incentive, other partners who helped make this announcement possible include the N.C. Department of Commerce, N.C. Community College System, Ashe County and Advantage West. For more information about the company, visit www.smiths-aerospace.com. For information about company job opportunities, contact the Ashe County Joblink Career Center at 336 982-5627. (Images provided by Smiths Aerospace.)
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Smiths Aerospace is the 31st recipient of a Job Development Investment Grant (JDIG) since Easley began the program in 2002. Under the terms of the JDIG agreement approved unanimously by the state Economic Investment Committee, which oversees the program, a 12-year JDIG will be established. Over the life of the grant, the N.C. Department of Commerce estimates the project will:
