Aerospace company to invest $2.7 million in Butner, N.C.Christian Fernsby ▼ | October 8, 2019
Ontic will create 126 new jobs in Granville County, North Carolina.
America Ontic will create 126 new jobs
Topics: Butner jobs
Since 1974, Ontic has been providing high-quality aerospace equipment, cost-effective solutions and aftermarket support of maturing and legacy aerospace platforms.
With locations in the United States, Europe and Asia, Ontic provides FAA, CAAS, CAAC, TCCA, DCA, EASA Part 21 and 145 original equipment manufacturer (OEM) support for civil and military markets.
Their portfolio of more than 6,500 maturing and legacy aircraft parts are licensed or acquired from major OEMs such as Honeywell, UTC Aerospace, Safran, Curtiss-Wright, GE Aviation and Thales.
The North Carolina Department of Commerce led the state’s support for the company’s decision.
Although salaries will vary depending on the position, the average wage for all new positions could reach up to $55,149.
The current average annual wage in Granville County is $40,932.
Ontic’s project in Butner will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today.
Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $413 million.
Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,386,900 spread over 12 years.
State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.
JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company. ■