The Bay County Economic Development Alliance (EDA) is pleased to announce that ITT Corporation’s Panama City facility plans to expand its operations to a new, 100,000-square-foot building at VentureCrossings Enterprise Center at West Bay, near the new Northwest Florida Beaches International Airport, in mid-2012. The company will be the first commercial development in the business park built by The St. Joe Company in its 70,000-acre West Bay sector. ITT is projected to hire an additional 30 employees, increasing its total employment to 120, at an average annual wage of $49,500, exceeding 150 percent of Bay County’s average annual wage.
The Panama City facility develops and deploys secure, networked communications and essential electronic warfare, sensing, surveillance, reconnaissance and structures technologies to detect and clear mines from maritime waters. Its Mine Defense Systems operation’s primary Department of Defense local customer is the Naval Surface Warfare Center Panama City Division.
“Mine defense is essential to keeping global trade safe and dependable,” said Vice President and General Manager Rich Sorelle of ITT’s Electronic Systems’ integrated electronic warfare systems business. “A growing number of customers, both in the U.S. and around the world, have chosen ITT technology to protect the shipping lanes from threats to world trade.”
Facilitated by the EDA, a competitive package of state and local incentives was leveraged to assist ITT in its expansion in Bay County. The company was approved for Florida’s Qualified Target Industry Tax Refund and a Bay County Property Tax Abatement.
“The EDA not only focuses on attracting companies to Bay County, we also assist our diversified industries in their expansion needs,” said Glen McDonald, chairman of the EDA. “It is because of the partnership with the State of Florida and the Bay County Board of County Commissioners that this project has been successful.”
“ITT’s decision to expand its Bay County operations has a notable economic impact on our community,” said Janet Watermeier, executive director of the EDA. “For every 10 jobs ITT creates, an additional 10 jobs will be created in other areas of the local community. For every $100 that ITT spends, an additional $27 in sales will be generated by other Bay County companies. For every $100 that ITT spends in wages, an additional $46 will be earned by other Bay County workers.”
About ITT Corporation
ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company reported 2010 revenue of $11 billion. www.itt.com.
