Belgium-based Asco Incorporated plans to invest an initial $60 million to open a production facility in Stillwater, Oklahoma, with estimates of hiring 250 employees by 2014.
A second phase is expected to bring an additional $30 to $40 million capital investment to its planned facility on Perkins Road, and create another 350 jobs. Asco, is a technology specialist specializing in lift devices, mechanical assemblies and major functional components for the aerospace industry.
"Oklahoma was the best location for our facility," said Christian Boas, CEO Asco Group, "The state is centrally located in North America and has an existing aerospace industry which is thriving. Oklahoma has a highly skilled workforce which specializes in our industry and the state has offered us assistance in training our new workforce."
The new Stillwater plant will represent the latest in technology and lean manufacturing practices. The state of the art facility will house machining, heat and surface treatment, and assembly operations for complex machined parts made of titanium, steel and aluminum. With this new comprehensive manufacturing unit in North America, Asco will be prepared to meet the needs
of clients and ramp up new and legacy programs, the firm said.
"The United States was a natural choice for Asco as it will allow the company to trade in the same currency as our clients, better balancing euro-dollar ratios," added Boas.
"I am thrilled to welcome Asco to the Oklahoma community," said Governor Mary Fallin. "Oklahoma has one of the strongest aerospace sectors in the U.S., and we are quickly becoming an international destination for the industry. Today's announcement is one more indication that our commitment to pro-business policies is helping to attract jobs and businesses to the state. Oklahoma is proud to host Asco and we look forward to a long and successful partnership with the company and its employees."
While incentive details were not immediately available, the firm is expected to receive federal and state tax credits and assistance with hiring and job training. "We will work closely with Asco to ensure its transition into the Oklahoma market is smooth," said Dave Lopez, Secretary of Commerce for the Oklahoma Department of Commerce, "Asco will be an excellent addition to our aerospace community."