Tuesday, July 23, 2024

Manufacturing Company Announces North Carolina Investment of $867.8 Million in Cumberland County Company focused on aerospace markets will create 304 jobs in Fayetteville

Raleigh, N.C.
Jul 23, 2024

A company operating under the name Project Aero announced today that it will build a major manufacturing plant in Cumberland County to produce aerospace-grade titanium domestically, creating 304 jobs.  The company, American Titanium Metal, LLC, will invest $867.8 million in Fayetteville.

"From the moment the Wright brothers pioneered powered flight at Kitty Hawk, the aerospace industry has been a cornerstone of modern life, driving technological advancements and fostering connectivity,” said Governor Cooper. “North Carolina offers aerospace manufacturers like this one in Cumberland County a talented workforce, worker training systems, and world-class transportation networks that will help them grow and succeed in our state.”

The company, currently known as “Project Aero,” addresses a substantial manufacturing supply chain need of the United States’ aerospace industry – namely, the availability of aerospace-grade titanium.  Aerospace Manufacturers value titanium for its unique properties.  Titanium can be combined with many other metals, such as aluminum, vanadium, and iron. Titanium alloys are valued by aircraft manufacturers, as well as across many industries due to their low density, high strength, corrosion resistance, and ability to withstand extremes of temperature.  The company’s project in Fayetteville will establish approximately a 500,000-square-foot facility and campus that is purpose-built to melt, roll, and finish titanium.

“With 20 plus years at U.S. Steel and 13 years at Nucor Corporation, developing five greenfield steel mill projects, I am proud to lead the construction of such a mission-critical project,” said LeRoy Prichard, President of Capital Projects for Project Aero.

“It has been a pleasure working with North Carolina’s Department of Commerce, the Fayetteville Cumberland Economic Development Corporation, Cumberland County, the City of Fayetteville, Fayetteville PWC, and Piedmont Natural Gas,” said Teresa McBride, Chairman of the company.  “Aerospace has continuously pushed the boundaries of human potential and plays a pivotal role in our nation's economic growth while bridging distances, transforming economies, and securing our future.”

“Companies only make such significant capital investments when they are confident in the business conditions and collaborative partners at the location they choose,” said North Carolina Commerce Secretary Machelle Baker Sanders.  “North Carolina once again comes through with flying colors, and we welcome Project Aero to our great state to join our growing aerospace sector.’’

The North Carolina Department of Commerce led the state’s support for the company during its site evaluation and decision-making process.

Although wages will vary depending on the position, the average salary will be $123,476, which is significantly higher than the current average wage in Cumberland County of $45,951.  Project Aero will bring an annual payroll impact to the community of more than $37 million per year.

Project Aero’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $1 billion. Using a formula that takes into account the new tax revenues generated by the new jobs and the capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $8,026,000, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.

The project's projected return on investment of public dollars is 102 per cent, meaning for every dollar of potential cost, the state receives $2.02 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.

“We’re excited to welcome these new jobs and this significant capital investment into Cumberland,” said N.C. Senator Tom McInnis. “Project Aero’s decision to locate operations in our region shows people around the world that we’re the perfect location for tomorrow’s global industries.”

Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Department of Transportation, N.C. Commerce’s Divisions of Workforce Solutions and Rural Economic Development, Piedmont Natural Gas, the Fayetteville Public Works Commission (PWC), the City of Fayetteville, Cumberland County, and the Fayetteville Cumberland County Economic Development Corporation

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