Florida's Department of Economic Opportunity and Piper Aircraft Inc. have agreed to amend an earlier contract to keep Piper in Florida and increase investment in aircraft manufacturing.
Piper will be allowed to retain half of $US6.6 million in incentives because the company is staying at its Vero Beach headquarters and has exceeded its capital and R&D obligations by about $US30 million.
The company will be able to retain the balance of the incentive if they meet employment obligations over the next four years.
Piper President and CEO Simon Caldecott says the company is in a good position.
"Following a worldwide economic recession in general aviation, Piper is managing to emerge as a strong company with a backlog and a global presence in the aerospace industry," he said.
"As the largest manufacturing exporter in Indian River County, we are gratified that the state has recognized our ongoing contributions to Florida, Indian River County and Vero Beach."
The amendment calls for Piper to maintain 650 full-time equivalent positions for the four-year period. For each year the company meets that goal, its obligation to repay the incentive will be reduced by 25%.
If Piper fails to meet the target in any year, it must repay significant amounts plus penalties. Currently the target is being maintained with an annual payroll of $US40 million.