A titanium recycling plant planned for Fayetteville announced Tuesday is expected to add 304 jobs to that economy, with the company spending $868 million to build the facility.
American Titanium Metals plans to build a 500,000-square-foot operation that will be fully operational by the end of 2027.
The company, currently known as “Project Aero,” addresses a substantial manufacturing supply chain need of the United States’ aerospace industry – the availability of aerospace-grade titanium. The company’s project in Fayetteville will be built to melt, roll and finish titanium.
The state’s aerospace and defense industry includes companies such as Honda Jet, GE Aviation, Lockheed Martin, UTC Aerospace Systems and Boom Supersonic. According to the N.C. Department of Transportation, the state is home to more than 200 leading aerospace companies spread across the state. Major industry sectors include both airplane assembly and parts manufacturing.
“With 20 plus years at U.S. Steel and 13 years at Nucor Corp., developing five greenfield steel mill projects, I am proud to lead the construction of such a mission-critical project,” said LeRoy Prichard, president of capital projects for Project Aero.
Although wages will vary depending on the position, the average salary will be $123,476, which is significantly higher than the current average wage in Cumberland County of $45,951. Project Aero will bring an annual payroll impact to the community of more than $37 million per year.
Project Aero’s project in North Carolina will be facilitated, in part, by a job development investment grant approved by the state’s Economic Investment Committee on Tuesday.
Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $1 billion. Using a formula that takes into account the new tax revenues generated by the new jobs and the capital investment, the grant agreement authorizes the potential reimbursement to the company of up to $8 million, 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.
The project’s projected return on investment of public dollars is 102%, meaning for every dollar of potential cost, the state receives $2.02 in state revenue.
In May, Cumberland County commissioners approved $1.3 billion in bond funding for American Titanium. The county’s Industrial Facilities and Pollution Control Financing Authority would issue the bonds, which would be repaid by the company.
