Gun Manufacturer Coming To Palm Bay
PALM BAY, Florida -- The Economic Development Commission of Florida’s Space Coast (EDC)
announce that I.O. Inc., a North Carolina-based firearms manufacturer, is
relocating to Brevard County with the purchase of a 51,000-square-foot
building in Palm Bay that the EDC says will spur the creation of 53
jobs.
The
company plans to invest nearly $2 million in capital expenditures,
including nearly $700,000 in equipment.
The EDC said in a press release that it worked with I.O. Inc.
for more than a year, managing the site selection process and offering
detailed wage and tax analyses while identifying property options that led to the decision to relocate to Palm Bay.
The new operation will allow
I.O. Inc. to implement its targeted sales increase initiative, taking
annual sales from $10 million in 2012 to $16.8 million by 2014, according
to company President Uli Wiegand.
“With
the specialized processes involved in our
operations, we needed a site and a community that allowed us to achieve
our growth goals,” Wiegand said. “The EDC made clear that the Space
Coast
offered both of those attributes: an excellent and flexible industrial
property base and a workforce and technological climate that fit our
needs perfectly.”
The
jobs will average over $43,000 annually and be created over the next
year, with positions in assembly, machining and mechanical engineering. At full employment, I.O.’s annual economic impact will be more than $2.2 million.
“We have long focused on
enhancing our high-tech manufacturing economy, and I.O. Inc. is a welcome
addition to this sector,” said Lynda Weatherman, president and CEO of the
Economic Development Commission of Florida’s Space
Coast. “The
company will strengthen what is already a robust arms manufacturing cluster on the Space Coast.”
I.O.
Inc. will focus its Palm Bay operations on both manufacturing firearms
and the engineering and design of future products. Its goal is to
eventually
have the majority of special components fabricated in-house, which
requires the additional space the company has gained with its relocation
to Palm
Bay.
“I.O.
Inc. could have chosen any number of cities in the Southeast for its
home, but it chose Palm Bay, “ said Palm Bay Mayor William Capote.
“I.O.
Inc. needed a community where it could grow and thrive, and we welcome
the company to our Palm Bay business community.”
The company’s current focus on manufacturing and product design development is a good fit for the Space
Coast, Wiegand agreed.
“We
appreciate the spirit of innovation that
underlies much of the economy here,” he said. “We look forward to
bringing our own creativity and contributions to this vibrant, exciting
business
climate.”
The amount of tax credits, incentives, or abatements given, if any, to bring the company to Brevard County was not mentioned by the EDC in the press release.
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