OWEGO, N.Y. — Lockheed Martin Corp. (NYSE: LMT) has plans for a $51 million expansion project at its plant in Owego.
The project would involve the renovation of a building on the Owego campus to allow some manufacturing operations and for helicopter integration and supporting flight operations, per the Lockheed Martin application for a PILOT (payment in lieu of taxes) agreement, on the website of the Tioga County Industrial Development Agency. Open hangar space would be converted to temperature and humidity-controlled manufacturing space, the firm said in its application.
The company also needs new machinery and equipment for the production of aerospace and defense products.
(Sponsored)
Why Now Is the Time To Start Planning for Your Company’s Business Succession
You’ve built a great business, and you love what you do. Retirement is a long way off, so why worry about how you’ll transition the ownership of your company down
Maximizing Tax Benefits for Energy-Efficient Buildings
The Inflation Reduction Act (IRA) of 2022 significantly enhanced the Section 179D deduction, making it even more valuable for businesses investing in energy-efficient commercial building property (EECBP) and energy-efficient commercial
Jeff Brown, Lockheed Martin spokesperson, forwarded this statement to CNYBJ.
“As a result of last week’s unanimous vote by the Tioga County Industrial Development Agency (IDA) approving our PILOT request, Lockheed Martin’s Owego facility, which is the Corporation’s Machining Center of Excellence, intends to move forward with a manufacturing expansion and renovation project. This PILOT enables us to remain competitive and support critical national security missions for decades to come. We are grateful for our long-standing partnership with the Tioga County IDA and look forward to the opportunity to partner with them on this project,” Brown said.
The defense contractor, which is headquartered in Bethesda, Maryland, also operates a Syracuse–area plant.
