The St. Joe Company (NYSE:JOE) (“St. Joe”) and the Bay Economic
Development Alliance (“Bay County EDA”) today announced that one of
the world’s largest independent first-tier suppliers to the
international aviation industry will expand its operations by
locating a new manufacturing facility in Venture Crossings®
Enterprise Centre in Bay County, Florida.
GKN Aerospace intends to lease this new manufacturing facility,
which will be developed and owned by a subsidiary of St. Joe and
designed to meet GKN Aerospace’s specific requirements. With this
new facility, GKN Aerospace plans to make a capital investment of
approximately $50 million and create 170 new jobs for highly
skilled employees.
This project was made possible through the combined efforts of
Enterprise Florida, the University of West Florida, Bay County EDA,
the Florida Department of Economic Opportunity, Bay County Board of
County Commissioners, CareerSource Florida, CareerSource Gulf Coast
and Gulf Coast State College.
Jorge Gonzalez, The St. Joe Company’s President and Chief
Executive Officer, said, “We are pleased that a company of the
stature of GKN Aerospace will be bringing high-quality aerospace
manufacturing jobs to Bay County. Manufacturing has a high economic
multiplier effect, so we remain committed to working with the Bay
County EDA and other partners to continue to attract quality job
creators.”
Mike Grunza, CEO of GKN Aerospace’s Aerostructures North America
business, said, “This investment emphasizes our commitment to
manufacturing in North America, as this new world-class facility
will create jobs and strengthen our competitive position in the US
aerospace market for the future. The excellent support we have
received from Bay County EDA, Governor Rick Scott’s office, higher
educational partners and The St. Joe Company made Florida an ideal
location for GKN.”
“This is incredible news for Bay County and the State of
Florida,” said state Rep. Jay Trumbull. “When a global aerospace
leader chooses your community to open a manufacturing facility, it
puts you on the international map. This is just the beginning, and
we will not stop until Bay County is the economic engine for
Florida’s Panhandle.”
Florida State Senator George Gainer said, “This project is an
excellent example of how our focused economic development
recruitment efforts are helping to create good jobs for the
citizens of Bay County and the entire Northwest Florida
region.”
“We are committed to making the Bay County site successful. This
is the company’s first location in the state and that is a
complement to our community,” Bay County Commission Chairman Bill
Dozier said. “GKN is an outstanding company with a proven history
and they will be a great addition.”
“We are ecstatic to welcome GKN Aerospace to Bay County,
Florida! The creation of 170 new jobs along with a capital
investment of more than $50 million will have a legacy impact in
our local economy said Clint Mizell, 2016 Chairman of the Bay
Economic Development Alliance. “Our community came together as a
team to land this ‘game changing’ project. We cannot say enough
thanks to the many individuals and organizations that helped and
supported our efforts.”
The Venture Crossings business park is a “Florida First Sites”
Certified Site. Florida First Sites is a regional site
certification program for project-ready sites in the State of
Florida. Each certified site undergoes a rigorous screening
process, ensuring that pre-work has been completed, taking the
majority of the risk out of the site selection process.
With commercial and industrial land for sale, lease or
development, Venture Crossings® Enterprise Centre offers a
strategic location for those seeking to launch, expand or
consolidate a business. High-tech manufacturers, such as GKN
Aerospace and Harris Corporation, have been drawn to Venture
Crossings due in part to its potential for 24/7 operations and for
transportation options via air, land or sea. Numerous real estate
options exist, including pad-ready sites and build-to-suit
construction — offering businesses flexibility and capacity to
grow.
Anchored by Northwest Florida Beaches International Airport,
major arterial highways and several nearby Florida Gulf Coast
military installations, Venture Crossings can provide the
connections and solutions for a broad range of expanding
businesses. A premier location and a motivated workforce with
numerous training and educational facilities nearby create a
nurturing environment for businesses.
Important Notice Regarding
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding the construction of a new
manufacturing facility and the proposed lease of that facility to
GKN Aerospace, St. Joe’s commitment to working with partners to
continue to attract quality job creators and the potential
advantages offered to businesses in growth and other development
stages by the location and other characteristics of Venture
Crossings® Enterprise Centre. The statements made by St. Joe are
based upon management’s current expectations and are subject to
certain risks and uncertainties that could cause actual results to
differ materially from those described in the forward-looking
statements. These risks and uncertainties include St. Joe’s ability
to enter into a lease agreement with GKN on favorable terms and to
design a facility to meet GKN’s specific needs, the success of St.
Joe and its partners in continuing to attract quality job creators,
the ability of Venture Crossings® Enterprise Centre to provide the
anticipated connections and solutions for expanding businesses and
other factors beyond St. Joe’s control and the risk factors and
other cautionary statements contained in St. Joe’s filings with the
Securities and Exchange Commission (the “SEC”), including St. Joe’s
Annual Report on Form 10-K filed with the SEC on March 3, 2016, as
updated by subsequent Quarterly Reports on Form 10-Q and other
current report filings. St. Joe undertakes no obligation to update
any forward-looking statements or to make any other forward-looking
statements, whether as a result of new information, future events
or otherwise.
About The St. Joe
Company
The St. Joe Company together with its consolidated subsidiaries
is a real estate development, asset management and operating
company with real estate assets and operations currently
concentrated primarily between Tallahassee and Destin, Florida.
More information about St. Joe can be found on its website at
www.joe.com.
About GKN Aerospace
GKN Aerospace is the world’s leading multi-technology
tier 1 aerospace supplier. As a global company serving the world’s
leading aircraft manufacturers, GKN Aerospace develops, builds and
supplies an extensive range of advanced aerospace systems,
components and technologies – for use in aircraft ranging from
helicopters and business jets to the most-used single-aisle
aircraft and the largest passenger planes in the world.
Light-weight composites, additive manufacturing, innovative engine
systems and smart transparencies help to reduce emissions and
weight on the aircraft and enhance passenger comfort. GKN Aerospace
is market-leading in aerostructures, engine systems, transparencies
and wiring systems and operates in 15 countries at 60 locations
employing approximately 17,000 people.
© 2017, The St. Joe Company. “St. Joe®”, “JOE®”, the “Taking
Flight” Design®, “St. Joe (and Taking Flight Design)®” are
registered service marks of The St. Joe Company.
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version on businesswire.com: http://www.businesswire.com/news/home/20170214006563/en/
The St. Joe CompanyMarek Bakun,
1-866-417-7132Marek.Bakun@Joe.ComChief Financial OfficerorBay
EDABecca Hardin, 850-215-9965Becca@bayeda.comPresidentorGKN
AerospaceWesley Bates, PMP,
972-993-9656Wesley.Bates@usa.gknaerospace.comCommunications
Manager
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