Company Opts To Expand Operations In Vero Beach

ANN REALTIME REPORTING 05.28.08 1530 EDT: In the end, it came down to the costs of relocating... versus the considerable financial appeal of remaining put. Representatives with Piper Aircraft joined officials with the State of Florida and Indian River County Wednesday afternoon to announce an agreement that will keep the general aviation manufacturer's headquarters and manufacturing facilities in Vero Beach.

"Florida is a state that leads the nation in encouraging aviation, and Piper Aircraft is one of general aviation’s uncontested leaders," said Florida Governor Charlie Crist. "This agreement is an investment in Florida. It represents thousands of jobs and hundreds of millions of dollars in wages, economic development and other contributions for Indian River County, surrounding local communities and our state."

"We are pleased and honored to announce our decision to remain and expand our operations in Indian River County," said Piper President & CEO James K. Bass. "Our decision is not just a vote of confidence for our hometown, it is also a commitment by Piper to Indian River County and the State of Florida."

As ANN reported, Piper undertook a two-year site-selection process for its new HQ, and production center for its upcoming PiperJet VLJ. In addition to Vero Beach, Piper also considered hurricane-free locations including Oklahoma City, OK and Albuquerque, NM for its new headquarters... but reports surfaced earlier this year Vero Beach had offered an enticing incentive package to convince the company to stay where it was.

In signing the agreement, Piper accepted a $32 million incentive package from the state and county -- to be paid out over three years -- and made a commitment to remain and grow in Indian River County. Bass said Piper’s decision factored in many criteria and ultimately concluded that remaining in Indian River County was the best choice for many different reasons.

"One of the most important factors in our decision to stay has been our workforce," Bass said. "Indian River County and its surrounding communities are home for the vast majority of the men and women of Piper. The incentive package demonstrates a commitment to making our community a place where business and industry not only want to stay, but where others will seek to relocate.

"We have a skilled workforce and many talented people in our county and throughout the state," he said. "By helping Piper stay and continue to invest in Indian River County, state and local officials are sending the message that Florida is a friend of business and industry. To that end, I look forward to encouraging businesses and industries to move to Indian River County and the state."

Bass noted the incentive package will enable Piper to make a substantial capital investment in its plant in Indian River County in facilities, technology, equipment and tooling; undertake product development; and design, develop, produce and assemble the PiperJet and other aircraft projects there.

FMI: www.piper.com