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Trade & Industry Development Magazine Recognizes Cedar City Aerospace ExpansionMarch 17 2014 - 11:46 am
MSC Aerospace/SyberJet Aircraft and its Cedar City project were recognized by Trade & Industry Development Magazine as a top U.S. 2013 capital investment for the construction of new facilities or major expansion to current operations.
When MSC Aerospace (MSC) and its subsidiaries Metalcraft Technologies (MTI) and SyberJet Aircraft (SJA) announced that MSC will commence a major expansion with an equally major capital investment in Southern Utah, the aerospace industry could not help taking notice. The firm’s $380 million expansion of its current manufacturing plant in Cedar City throughout a 20-year agreement with Utah will create more manufacturing capabilities and bring the final assembly of the world’s fastest corporate jet to rural Utah.
MSC and its subsidiaries MTI and SJA will pay an estimated $127 million in new state tax revenue over the 20-year life of the project. The Governor’s Office of Economic Development Board of Directors has approved a 20-year Economic Development Tax Increment Financing (EDTIF) post-performance refundable tax credit of $32 million for MTI and SJA, or 25 percent of the $127 million in new state tax revenues which will be collected by the state. Over the lifetime of the agreement, the company will pay over $1 billion in new state wages to 1,200 incented jobs. This level of investment is very rare in rural communities.
MTI is an AS 9100:2009 Rev C aircraft parts and aero-structures manufacturer. MTI fabricates, processes and assembles a variety of detail parts, sub-assemblies and related tooling using aluminum, titanium and stainless steel in accordance with customer prints and specifications. MTI’s customers are proprietary aircraft producers (OEMs) that include Boeing, Bombardier’s Learjet, General Electric, Gulfstream, Lockheed, Northrop Grumman, SyberJet, Vought and others.
SJA produces the world’s fastest and longest-range seven-seat light business jet – the SyberJet SJ30. The SJ30 is single pilot FAA-certified jet with a top speed of Mach 0.83 (486 kts / 560 mph) and a 2,500 nautical mile range.
Utah’s aerospace and defense economic cluster represents about 4.5 percent of all state wages and the average wage in this industry is roughly 90 percent higher than Utah’s average annual wage.
You can read more about the MTI/GOED agreement here: http://business.utah.gov/programs/incentives/dashboard/companies/?company=syberjet&incented-year=all&incented-month=all