Piper To Maintain Florida Headquarters | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

** Airborne/NBAA2014 10.22.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.22.14 **
** Airborne/NBAA2014 10.21.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.21.14 **
** Airborne/NBAA2014 10.20.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.20.14 **

Wed, Dec 19, 2012

Piper To Maintain Florida Headquarters

Company, Indian River County Reach Agreement

Piper Aircraft and Florida's Indian River County have agreed to amend an economic development incentive contract to retain the company's headquarters and manufacturing operations in Vero Beach. This follows a similar renegotiated agreement reached earlier this month between the Florida Department of Economic Opportunity and Piper.

Because the company has agreed to remain in Indian River County and has exceeded by about $30 million its capital and research and development investment obligations under the agreement, the county will allow Piper to retain half of $4 million in county economic development incentives already awarded to the company. Piper will be permitted to keep the remaining $2 million in previously awarded incentives, if it meets certain future employment obligations. "Piper is grateful that the leaders of Indian River County have acknowledged the company's contributions to the local economy and at the same time recognized the challenging economic environment of the past few years," said Piper President and CEO Simon Caldecott. "Piper is emerging from the global recession as a stronger company. Even during the depth of the recent recession Piper remained the largest manufacturing exporter in Indian River County."

The amendment with Indian River County calls for Piper to retain a specified number of 600 full-time equivalent positions, with an annual average salary of at least $46,500 for the four-year period. For each year the company meets the minimum employment threshold, its obligation to repay the $2 million already received will be reduced by 25 percent. If Piper fails to meet the minimum employment threshold and other facility requirements in any year, then it must repay the county $500,000 plus interest.

Currently Piper is maintaining more than 650 full-time equivalent positions generating more than $45 million in annual payroll. Under the agreement Indian River County can reclaim $8 million in committed funds earmarked for Piper in the future. Piper requested that the state and county renegotiate its economic development incentive package in light of the unusual market realities for new aircraft sales and employment in the future. The recent amendment is a result of those negotiations.

Since the original agreement and despite serious global economic challenges, Piper invested more than $100 million in the Vero Beach operation in addition to annual payroll and Florida supplier purchases. Piper's investment in the community, through product development costs and capital expenditures, has directly returned more than $9 for every $1 invested by the state and local governments in economic development incentives for the company and its employees.

FMI: www.piper.com

Advertisement

More News

Game-Changing NBAA2014 Sponsor Mid-Continent Instruments and Avionics!

Innovation Brings Safe, Certified, Nanophosphate® Lithium Batteries To New Business Aircraft True Blue Power is the first company in the world to achieve FAA TSO and EASA ETSO >[...]

Airborne at NBAA--10.21.14: NBAA2014 Opens, Eclipse Update, FJ44 TBO Increase

Also: Shuster/Hart Address NBAA, Gogo Means Business, BBJ Maxes Out, Hartzell Pulls Its Weight The NBAA Opening General Session featured two well-known names from Washington. Repre>[...]

Airborne at NBAA--10.20.14: HondaJet, Honeywell Forecast, Gulfstream's G500/G600

Also: Garmin's ADS-B For BizAv, R44s For Jordan, Textron Aviation, Hartzell Props, Clarity Aloft Pro Plus At a news conference early Monday at the 2014 NBAA convention, HondaJet sa>[...]

Airborne at NBAA--10.21.14: NBAA2014 Opens, Eclipse Update, FJ44 TBO Increase

Also: Shuster/Hart Address NBAA, Gogo Means Business, BBJ Maxes Out, Hartzell Pulls Its Weight The NBAA Opening General Session featured two well-known names from Washington. Repre>[...]

ANN's Daily Aero-Linx (10.22.14)

Airport Operators Association - U.K. Founded in 1934, the Airport Operators Association (AOA) is the national voice of UK airports.>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2014 Web Development & Design by Pauli Systems, LC