International Component Repair of Villa Rica, Georgia, a commercial aerospace airframe and engine component repair facility, created a joint venture with Japan-based IHI Corporation that will establish the first Japanese aerospace affiliated production facility in the United States.

The 40,000 square foot joint venture facility is located at 330 West Industrial Court in Villa Rica with production slated to commence this fall. The partnership marks the creation of a multi-phase investment strategy that will begin with the merger of existing and new client business for fuel diverter valves and engine overhauls of commercial jet engines in the near future.

The joint venture will create 25 new jobs in Villa Rica, Georgia and the West Metro Atlanta region with an economic impact of approximately $10 Million. "I am proud and humbled that IHI, one of the most respected companies in the aerospace industry, chose to create their first joint venture project with ICR," said Wayne Dewell, President and Chief Executive Officer of ICR. "This is a big step for ICR and IHI as it will enhance IHI's ability to support current North American customers and further enhance the possibility of supporting additional domestic airlines."

Local officials said IHI's impact on the global aerospace arena will prove to enhance the regions ability to attract high tech aerospace jobs. "The addition of quality job opportunities for our workforce is tremendous," stated Villa Rica Mayor Jay Collins. "The fact that these jobs are in the high tech field of aerospace means great things for our citizens and strengthens our ability to create a positive `live-work-play' environment for our community."

Georgia Economic Development said ICR and IHI each have significant industry ties to Delta Air Lines and the client base at Hartsfield-Jackson Atlanta International Airport. "I am very proud to represent IHI in this endeavor and look forward to a successful long term relationship with ICR and the Villa Rica community," stated Kaz Sato, Senior Vice President of IHI. "We value our partnerships and are proud that ICR represents our first aerospace joint venture project."

Carroll Tomorrow, Carroll County economic development organization and the Georgia Department of Economic Development said it worked diligently on the project since the fall of 2011, negotiating with both corporations and meeting with IHI officials in Dubai, Tokyo and Villa Rica to make sure corporate leadership received the resources and information that would make the new joint venture an immediate success.

"It was also important that we emphasized to all parties the opportunity that a facility in Villa Rica, Georgia will have on the community and region," said Loy Howard, Carroll Tomorrow Board Chairman.

"This announcement represents all the best that public-private partnerships have to offer," stated Bill Chappell, Chairman of the Carroll County Board of Commissioners. "County, City and Carroll Tomorrow partnering with existing industry to grow jobs and create new capital investment in the high tech aerospace sector is the perfect example of effective leadership and teamwork."

"Commercial aerospace ventures are viewed as the next exciting phase of innovation for the growth of this industry in Georgia, so we are encouraged by the ICR and IHI collaboration," said GDEcD Commissioner Chris Cummiskey. "We look forward to growth of this joint venture, and to the creation of additional meaningful work opportunities for Georgians. Aerospace remains a strategic industry for Georgia, so this decision helps further position Georgia as a competitive location for all sectors of the aerospace industry."