- Company evaluating an additional $30M investment over the next three years through Union County and City of Monroe’s new MAGNET100 incentive program
MONROE, N.C. (July 13, 2021) – Collins Aerospace, a unit of Raytheon Technologies Corp. (NYSE: RTX), today announced it has completed an approximately $30 million expansion of its maintenance, repair and overhaul (MRO) facility in Monroe, North Carolina.
Opened in 2004, Collins‘ Monroe facility focuses on repairs to a number of commercial and military aircraft systems, including actuation, cargo, rescue hoists and winches, landing gear, air management, potable water and lighting, along with 24/7 aircraft-on-ground spare services. The recent expansion increased the site’s footprint more than 25 percent, including a new two-story office building, added shop floor space and an enlarged loading dock.
“The ongoing growth of our Monroe facility represents our commitment to our customers and the community,“ said Mary DeStaffan, general manager of the Monroe site for Collins Aerospace. “This current expansion will allow us to better support our airline customers as they transition their fleets to more modern, next-generation aircraft. And we’re proud to undertake this journey with support from Union County and the City of Monroe as we continue to contribute to the region‘s growing aerospace cluster.”
In addition to its recent Monroe expansion, Collins is deliberating plans to invest another $30 million over the next three years to increase additive manufacturing and rescue hoist and winch repair capabilities. The company’s decision to further grow its operations is contingent on approval by both the Monroe City Council and Union County Board of Commissioners of a new economic development program recently introduced by both entities. The new MAGNET100 program is intended to encourage continued capital investment by companies over a 10-year period. To qualify, companies must meet investment thresholds of $30 million in the first 3 years and $50 million in the first seven years. The grant recognizes capital investment up to $100 million.
“Collins Aerospace is one of the crown jewels of North Carolina’s aerospace industry, which is among the fastest-growing in the U.S.,” said Christopher Chung, CEO of the Economic Development Partnership of North Carolina. “That Collins Aerospace continues to deepen its footprint in our state with ongoing investment is a strong validation of our business climate and attractiveness to aerospace and aviation companies.”
“In 2004, Collins Aerospace located operations in Monroe, helping to create North Carolina’s largest geographic cluster of aerospace companies,” said Chris Platé, executive director for Monroe-Union County Economic Development. “The company’s desire for sustained investment in our community further demonstrates the strength of Union County’s aerospace cluster and the commitment our local leaders have to support its continued growth.”