by Christopher Freeburn | July 10, 2012 11:47 am
Last month, EADS Airbus announced that it would build a new airplane manufacturing facility in Mobile, Alabama, its first airplane production center on rival Boeing‘s (NYSE:BA) home territory.
Now we know what it cost Alabama to lure the European aircraft maker to the state.
Speaking at the Farnborough International Airshow in the United Kingdom, Alabama Governor Robert Bentley said that state and local governments will provide $158 million in incentives for the new facility, the Wall Street Journal reports.
That includes more than $1 million in road construction, $51 million in training for plant employees and $62 million to help Airbus reduce capital costs.
Local governments will pitch in to cover the remaining balance of incentives.
Airbus will spend more than $600 million to build the new manufacturing plant, which will employ 1,000 workers. Construction is slated to begin next year.
Bentley said it was an “expensive project,” but that the economic benefits outweighed the costs.
Source URL: http://investorplace.com/2012/07/airbus-to-receive-158m-in-incentives-for-alabama-plant/
Short URL: http://investorplace.com/?p=195062
Copyright ©2013 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.