A Monroe aerospace company plans to spend $2.5 million to expand its facility within the next year, a move that will add 10 jobs over several years, the city announced Wednesday.
Cyril Bath Co. had been considering expanding near Charleston to be closer to Boeing, a major customer, said Chris Platé, Monroe’s executive director of economic development and aviation.
Instead, the company decided to invest in new equipment and building improvements at its Monroe facility behind the Charlotte-Monroe Executive Airport.
Tuesday, the Monroe City Council approved a cash incentive grant of up to $52,000 for the company, spread out over a five-year period. No Union County or state incentives were part of the expansion plan, Platé said.
“They are a very significant company” for Monroe, Platé said. “They provide direct product to the aerospace industry and are an engineering house.”
Monroe has the highest geographic concentration of aerospace companies in North Carolina. Since 2002, the city has seen more than $500 million in investment from the aerospace sector.
Cyril Bath, which has a sister company in France, has 45 employees in Monroe and has been based in the city since 1979. It designs and manufactures machines used to form airplane skins, and also provides equipment for other industries.
“Cyril Bath Company is excited about expanding its operations here in Monroe,” company President Michael Zimmer said in a statement. “This will solidify keeping the existing machines and work in Monroe.”
The company said it expects to see significant growth from its work providing material for Boeing’s 787 planes.