Engineering company Bal-Seal plans to build a $45 million, 137,000-square-foot manufacturing plant in Colorado Springs that the company says will create 210 jobs during the next five years.
The Colorado Springs City Council approved an incentive deal Nov. 29 for Bal-Seal.
In exchange for the intent to create jobs, the company received $543,000 in tax rebates and an incentive package worth $2 million.
Bal-Seal makes custom-engineered, high-performance electrical contacts and seals. The additional jobs will double its global workforce and manufacturing capabilities. In addition, annual sales are projected to double to $150 million by 2016.
U.S. manufacturing jobs are down 39 percent since the sector peaked in June 1979, according to the U.S. Bureau of Labor Statistics. Job growth continues to decline.
“Bal Seal Engineering is an excellent example of American ingenuity and we are pleased with the announcement,” Gov. John Hickenlooper said. “Bal Seal’s expansion will … continue the momentum our state has as an innovative place where businesses can thrive.”
Bal-Seal has more than 120 active U.S. and foreign patents and opened its first facility in the Springs in 2006 when it rented a building on Elkton Drive and hiring 39 employees.
Bal-Seal plans to spend $25.4 million to build the plant and another $19.5 million on manufacturing equipment. The jobs will have an average salary of $49,725 and produce an estimated economic impact of $112 million.