PANAMA CITY, Fla. (WJHG/WECP) – ”Project Spinner,” now known as the IAG Aero Group, has revealed plans to invest $107 million in the newest expansion project, which will bring construction and jobs.

“Well, this is the largest new company announcement that the partnership of the Bay Economic Development Alliance, Florida’s Great Northwest, and Triumph Gulf Coast that we’ve been able to put together and announce together,” said Becca Hardin, President of the Bay Economic Developemnt Alliance. “So this is a game changing project not only for Bay County, but for this entire region of the state.”

Northwest Florida Beaches International Airport, Bay Economic Development Alliance, and Florida’s Great Northwest announced the new project on Wednesday.

“Today, we are proud to welcome IAG Aero Group as our newest community partner and thank them for bringing this game-changing project to Bay County,” said Mark Sheldon, Chair of the Airport Board of Directors, according to a press release. “This milestone reflects the unwavering dedication and collaborative spirit of leaders from ECP, Bay EDA and Florida’s Great Northwest, whose hard work and shared vision have paved the way for long-term economic prosperity in our Region.”

IAG Aero Group is a company that specializes in MRO, engine field services, material repair, and the sales and trading of aircraft and engine parts.

“The announcement marks the single largest economic development recruitment project ever introduced through Bay EDA and ECP,” said Shane Boyett, Bay EDA Executive Committee member, according to the press release. “IAG Aero Group’s plans will not only generate a significant initial economic boost, but it will also bolster the Region’s reputation as a center for aviation excellence for years to come.”

IAG Aero group is set to establish three facilities in Bay County with the $25 million awarded by Triumph Gulf Coast:

The first facility is a 120,000-square-foot aircraft engine MRO facility dedicated to commercial aircraft engines for wide and narrow body aircraft.

• This facility will perform engine maintenance for airlines and aircraft owners around the world. IAG Aero Group has customers in 50 countries around the world.

The Company also plans to build a 40,000-square-foot engine test cell at ECP which will be one of the few in the Southeast.

• This facility represents a substantial investment and further signals just how important the region is in the aerospace industry sector.

Third, the Company has purchased an existing 140,000-square-foot facility situated on 36 acres in Bay County.

• This center will serve as the hub for the company’s warehouse and parts distribution operations.

According to a press release, this initiative will generate approximately $479 million in additional household income over the next decade and create 500 new aviation jobs.

“We went from 312,000 to 1.9 million {passengers} this year, said Parker McClellan, Executive director, Northwest Floria Beaches International Airport. ”Business development, we’ve expanded a lot of business at the airport. This is going to be our first real business other than our fixed based operators going to be at the airport.”

Construction is set to begin soon and is expected to be complete in 2026.

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