French helicopter-engine maker Turbomeca announced Wednesday it is closing its plant in Monroe, cutting 112 jobs in a year-long phase out.
Turbomeca opened in Union County in 2008, establishing its first U.S. manufacturing plant. City and county incentives totaling about $2 million helped persuade the company to move to Monroe at a time when local and state officials were trying to encourage aeronautics businesses to come to North Carolina. It was announced then that North Carolina would also contribute $3 million in grants, and offer the opportunity for an additional $1.7 million in training and tax credits.
The company said in a statement that while the plant helped increase its worldwide parts production capacity, demand for the parts has since tapered.
“At the time the market forecast for new engine production was significantly higher than it is today,” the company said.
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“As a result, Turbomeca has been forced to reevaluate the company's industrial footprint...”
The company still has a U.S. facility in Dallas/Fort Worth.
Monroe employees will have access to an outplacement assistance program, along with severance packages and other benefits, the company said.
“We have always been very proud of our workforce. We are going to take care of our employees as we go through this transition,” said Matt Nelson, president and CEO of Turbomeca Manufacturing.