NC: Midway Aircraft Instrument to Invest $2.3M in New Monroe Facility
13 Dec, 2012
Gov. Bev Perdue announced that Midway Aircraft Instrument Corporation, a company that performs maintenance and repairs on aircraft systems components, will locate a new facility in Union County. The company plans to create 36 jobs and invest $2.3 million over the next three years in Monroe. The project was made possible in part by a $12,500 grant from the One North Carolina Fund.
“My first priority is creating jobs,” said Gov. Perdue. “North Carolina has a skilled, trained workforce and strong business climate that continues to attract the leading aerospace and aviation companies.”
Midway Aircraft Instrument Corporation, headquartered in Little Ferry, New Jersey, overhauls, repairs and performs scheduled maintenance on a wide range of aircraft equipment. The company was incorporated in 1954 and bought by Dassault Procurement Services and Dassault Falcon Jet in 1988. The majority of Midway’s sales are on equipment installed on Dassault Falcon Jet models of business aircraft.
Salaries will vary by job function, but the average annual wage for the new jobs will be $50,019, plus benefits. The Union County average annual wage is $35,048.
“We carefully studied many potential locations for our business. Our decision to relocate to Monroe, North Carolina is due to the favorable business economics, the international airport in nearby Charlotte and the opportunities presented by the growing aviation community there,” said Terry Bacola, president, Midway Aircraft Instrument Corp. “The cost reductions realized from this move will allow us to compete and grow in markets where we previously could not. Both the state and local governments have done a great job in supporting our decision to choose Monroe.”
The One NC Fund provides financial assistance, through local governments, to attract business projects that will stimulate economic activity and create new jobs in the state. Companies receive no money up front and must meet job creation and investment performance standards to qualify for grant funds. These grants also require and are contingent upon local matches.
“Our investments in workforce development have helped create the skilled workers that companies like the Midway Aircraft Instrument Corporation need to thrive,” said Rep. Frank McGuirt of Wingate. “North Carolina is a great location for this firm.”
“Midway Aircraft Instrument Corporation’s new facility will be a great addition to North Carolina’s growing and respected aerospace and aviation sector,” said Sen. Tommy Tucker, of Waxhaw. “North Carolina will continue to attract the technology-driven jobs of the global economy.”
North Carolina continues to have a top-ranked business climate. Through Gov. Perdue’s JobsNOW initiative, the state works aggressively to create jobs, train and retrain its workforce, and lay the foundation for a strong and sustainable economic future.
Through use of the One NC Fund, more than 65,000 jobs and $12 billion in investments have been created since 2001. Other partners that helped with this project include: the N.C. Department of Commerce, N.C. Community Colleges, Union County and the City of Monroe.