Aerospace Firm to Build $200M Plant, Create 660 Jobs

Gov. Pat Quinn joined executives at aerospace and energy firm Woodward Inc. to announce the company's plans to invest more than $200 million to build a manufacturing plant and offices in Loves Park and produce a new aircraft turbine product line.

The expansion will create more than 660 jobs over the next five years. Woodward plans to double its workforce in the Rockford area by 2021.

"Woodward's expansion is a great example of how we are creating jobs, fueling key sectors of the economy and stimulating growth throughout the state," Quinn says.

Woodward Chairman and CEO Thomas Gendron said the company's success has led to the creation of new jobs.

"We decided to remain and grow in the Rockford region due to the strong support of Gov. Quinn, the proximity of the new site to our current campus and the quality of both the aerospace engineering and manufacturing talent," Gendron says.

The Woodward Aircraft Turbine Systems project will be centered in a 300,000ft² production and office complex on 60 acres. The company, headquartered in Fort Collins, CO, plans to break ground on the new facility this fall, with initial occupancy in late 2013.

The Department of Commerce and Economic Opportunity (DCEO) is providing Woodward a targeted investment package that includes corporate income tax credits that could be worth up to $45 million. The state also is providing $578,000 in Employer Training Investment Program (ETIP) job training funds, $3 million in capital grants for site improvements and $500,000 in Business Development Public Infrastructure Program funds to the city of Loves Park.

DCEO Director David Vaught says the Woodward project will help Illinois maintain and advance its status as an aerospace hub.

U.S. Sen. Dick Durbin and Quinn had both met with Woodward officials about the new facility and encouraged the project.

"Woodward's large scale growth will mean more economic activity far outside the doors of its facilities as new workers help the area's economy thrive again," Durbin says.