PIPER AIRCRAFT SELECTS FLORIDA
Company Announces It Will Stay and Expand Operations in Vero Beach
VERO BEACH, Fla., May 28, 2008 – Piper Aircraft, Inc., the State of Florida and Indian River County today announced an agreement that will keep the general aviation manufacturer’s headquarters and manufacturing facilities in Indian River County.
"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."
The decision to stay came after an extensive site selection process that addressed fundamental issues and needs that Piper cited as vital in remaining competitive and prospering in what is a very challenging industry.
Indian River County Administrator Joseph Baird underscored the value Piper has brought to Indian River County over the 50 years it has called Vero Beach home. Citing an economic impact study conducted by The Washington Economic Group in March 2007, he said that the joint county and state incentive package is an investment in Piper, which will return much more to the community and the state.
"The Washington Economic Group’s study showed that Piper contributes $518 million per year to our local economy," Baird said, referring to the study commissioned by the Indian River County Chamber of Commerce. "That investment is made up of the millions of dollars the company pays in taxes and to local suppliers, as well as the huge ripple effect that comes from Piper employees who spend their paychecks locally in our stores and restaurants and contribute to our community organizations and charitable causes."
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. The agreement ended a two-year, site-selection review process that in recent months had narrowed the field to three locations, including Piper’s current site in Vero Beach, Fla.
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 that 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.
"We are honored by the support shown to Piper, beginning with Governor Crist and his team at the Florida State Office of Tourism, Trade and Economic Development and Enterprise Florida," Bass said. "From Governor Crist to State Representative Ralph Poppell, Senate President Ken Pruitt, Indian River County Administrator Joseph Baird, all of the Indian River County Commissioners under the able leadership of the former chairman, Gary Wheeler, and the current chairperson, Sandra Bowden, and the Indian River County Chamber of Commerce, we have seen what a true government-industry partnership can mean to a community."
Bass said Piper’s decision to remain in Indian River County was no reflection on the other communities Piper considered. "It speaks, instead, to the very specific and special needs Piper Aircraft has for current and future operations," he said. "The other communities we looked at are communities with excellent quality of life and features and attributes that are compelling. But after many months of analysis, interviews, site visits and careful study, we concluded that Indian River County and Florida provided our best opportunity to stay competitive and prosper in our industry.
"We recognize that considerable work, time, and resources are required to assemble a competitive proposal, host a consultant’s tour of the community, and collaborate with elected officials to make an offer of incentives," Bass said, "and Piper extends its sincerest thanks for the hard work and impressive efforts put forth by all the communities that responded to us."
Bass emphasized the history Piper has with Indian River County and thanked the community and its business leaders for the encouragement they demonstrated during the site selection process.
"Indian River County is where generations of Piper employees have worked hard to make Piper the respected and trusted company that it is," said Bass. "Having the support of our employees, state and community makes all the difference in the world."
Piper Aircraft, Inc. is headquartered in Vero Beach, Fla. Piper’s rich legacy is born of 70 years of unparalleled history, with hundreds of thousands of aircraft brought to market and more than 160 models certified. Approximately 90,000 of those aircraft are still flying and being serviced and supported on every continent by Piper’s 65 service centers, 40 dealers and 2,500 field personnel. Today, Piper is the only general aviation manufacturer to build and offer aircraft for every general aviation mission, from trainers and high-performance aircraft for personal and business use, to turbine-powered business aircraft and the PiperJet.
# # #
For further information, contact:
Mark S. Miller
Chief Corporate Spokesperson
(772) 299-2900
Fax: (772) 978-6597
mail to: m.miller@piper.com
www. piper.com
For additional information or questions about
the general aviation industry, contact the
General Aviation Manufacturers Association (GAMA)
(202) 393-1500
www.GAMA.aero