Two aerospace and defense-related companies have chosen Colorado as the place to expand their operations, potentially creating a combined 232 new jobs.
Danish company is an advanced manufacturer in the space, energy and defense sectors. The company has announced plans to locate at the Forge Campus, a center for advanced manufacturing and technology businesses in Loveland.
Ohio-based selected El Paso County as the location to expand its defense-related business.
Multicut will produce parts for the U.S. defense industry at its manufacturing site in Loveland. The company is expected to create 82 jobs, including positions for engineers and operators in machining, cutting and related manufacturing tasks.
Multicut’s current customer base includes Lockheed Martin, Planet Labs, Raytheon and Vestas.
“Multicutap decision to expand in Colorado shows how our state’s strong international relationships and terrific business environment create good-paying jobs in Loveland and support the growth of Colorado’s defense industry,” Gov. Jared Polis said in a statement Wednesday.
The company has 220 employees. Multicut’s innovative approach to precision manufacturing will benefit the Colorado and U.S. space, defense and energy sectors, said Eve Lieberman, executive director of Colorado Office of Economic Development and International Trade, or OEDIT.
The Colorado Economic Development Commission approved up to $1.03 million in performance-based tax credits for the company over eight years. The incentives are contingent upon Multicut meeting net new job creation and salary requirements.
SelectTech Services Corp., headquartered in Centerville, Ohio, provides technical support services to the Department of Defense and commercial clients. The company said it chose El Paso County to locate for its proximity to government clients, including the U.S. Air Force and U.S. Space Force, and original equipment manufacturers in the aerospace industry.
The company is expected to create 150 net jobs at its new site. Positions will include, engineers, technicians, buyers, managers, planners and technical writers.
“El Paso County stood out to us as the right place to grow our small business because itap a community that prioritizes its people, long-term partnerships and responsible growth over rapid scale,” said Heather Fattah, SelectTech president and CEO.
The state Economic Development Commission approved up to $1.9 million in performance-based tax credits over eight years, contingent on the company meeting new job creation and salary requirements.
“SelectTech’s expansion reflects the intentional work happening across our region and is a clear signal that El Paso County continues to lead aerospace and defense growth at a national level,” Bonnie Goff, vice president of economic development for the Colorado Springs Chamber & Economic Development Corporation, said in a statement.
Colorado’s aerospace industry is the country’s second-largest, behind only California. The state has the most aerospace employees per capita in the nation. Approximately 2,000 aerospace businesses employ 55,000 people directly and another 184,000 indirectly, according to
Nearly $23 billion in federal contracts went to Colorado aerospace and defense companies from July 1, 2023, to June 30, 2024, an OEDIT analysis found.
Multicut considered California and Arizona for expansion, while SelectTech looked at expanding in Ohio.
