TIMCO Aerosystems, LLC will invest $2.75 million to open a manufacturing operation in Wallburg, North Carolina. The company anticipates the creation of 275 jobs over the next five years with an overall average wage of $34,728, not including benefits.
TIMCO Aerosystems, a unit of TIMCO Aviation Services, one of the largest maintenance, repair and overhaul (“MRO”) providers in the world, develops, manufactures, integrates and certifies interior cabins and monuments including galley systems, lavatories and aircraft seating. The facility in Wallburg will engineer and manufacture these interior components.
Kevin Carter, Co-CEO of TIMCO along with Ron Utecht, said, “We undertook a comprehensive assessment of various locations around the country for the expanded facilities. At the end of the day, the impressive partnership of the Governor, the State Legislature, the North Carolina Department of Commerce, North Carolina Community Colleges, Davidson County and the Town of Wallburg, recognized the opportunity before us and really worked hard with our team on a compelling plan to take advantage of something that doesn’t come along frequently in the aerospace industry.”
To help facilitate this expansion, the company has been awarded a $200,000 grant from the state’s One North Carolina Fund, which provides cash grants to attract business projects deemed by the governor to be vital to a healthy and growing state economy. No money is paid up front and companies must meet job creation and investment targets to receive payments. One North Carolina Fund grants also require a local match, and this grant is contingent upon approval of local incentives.
Also, the state Economic Investment Committee voted to award a Job Development Investment Grant to TIMCO. JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state and which would not be undertaken in North Carolina without the grant.
Under the terms of the JDIG, the company is eligible to receive a grant equal to 60 percent of the state personal income withholding taxes derived from the creation of new jobs for each of the nine years in which the company meets annual performance targets. If TIMCO meets the targets called for under the agreement and sustains them for nine years, the JDIG could yield $1.798 million in maximum benefits for the company.
“By expanding its stake in the state, TIMCO has demonstrated that our own investments in education, worker training, aerospace and infrastructure have paid off. We have created the kind of business climate and workforce that is attracting new companies and encouraging the ones that are here to grow,” said Gov. Bev Perdue.