Precision Aerospace Corp. will create 40 new jobs over the next two years with its $5 million expansion.
The manufacturer of precision machined components for the aircraft and defense industries will consolidate operations in Grand Rapids and Wyoming, Mich. to new location in Cascade Township in West Michigan. The move will allow the company to bring its 186-employee workforce under one roof to improve production efficiency while providing capacity for future growth.
Precision Aerospace is expected to receive local and state tax breaks on a new 140,000ft2 facility for which a local tax abatement has been secured.
The tax incentive package played a role in the company's decision to stay and grown in the region, instead of an out-of-state location. Other factors included its dedication to West Michigan and a "quality" workforce.
“West Michigan is home to us,” says Bill Hoyer, company president. “The City of Grand Rapids and Wyoming have been great to us. Both are very business-friendly and have worked with us over our years of growth. We’re pleased that this next chapter of Precision Aerospace’s journey will be in West Michigan.”
Five years ago, the state announced a $2.5 million tax credit on a proposed $10.1 million to create 190 new jobs. At the time, the company had about 15 employees.
Hoyer says he expects the company to complete its move out of its Wyoming and Grand Rapids facilities by January and July 2014, respectively. Once Precision has exited both sites, the company will end its lease in Wyoming and sell its Grand Rapids building.