WATERSOUND, Fla.--(BUSINESS WIRE)--
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
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
"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
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
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
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170214006563/en/
The St. Joe Company
Marek Bakun, 1-866-417-7132
Becca Hardin, 850-215-9965
Wesley Bates, PMP, 972-993-9656
Source: The St. Joe Company
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