Woodward Inc. intends to establish a second campus in the greater Rockford area for its Aircraft Turbine Systems business.
The new campus will be located in Loves Park on a 60-acre site bordered by Perryville, Harlem, and Forest Hills roads and will be referred to as the Woodward Rock Cut Campus. Initial site development will include production and office facilities of approximately 300,000 square feet.
The decision was made after a year-long investigation of alternatives to address the growth expected over the next decade and beyond. The growth has been stimulated by recent wins on the CFM International LEAP-X, Pratt & Whitney PurePower and General Electric Passport aircraft engine platforms. These awards mean that upon entry into service of the Airbus A320neo and Boeing 737 MAX, Woodward will be on board every narrow body aircraft produced.
Woodward anticipates investing $200 million or more over the next 10 years in land, building and equipment between its two area campuses and approximately doubling its workforce by the end of 2021.
According to an independent study by the Northern Illinois University Center for Governmental Studies, Woodward’s presence in the Rockford area is estimated to support more than 5,700 jobs within Woodward and the local community in 2021, generating more than $485 million of combined annual compensation. The study estimates the resulting total value of the economic output created in the community on an annual basis is expected to be $2.4 billion by 2021, with approximately $790 million of value added.
The State of Illinois, Winnebago County and the City of Loves Park are providing incentives to Woodward under various programs. Woodward is in the process of finalizing the incentive agreements and selecting an architectural and engineering firm for building and site development plans. Woodward projects the groundbreaking to take place in the fall of 2012.
