Fayetteville chosen for nearly $1 billion titanium plant. Here's what we know.

A nearly $1 billion titanium plant bringing hundreds of high-paying jobs will be built in Cumberland County, the Fayetteville-Cumberland Economic Development Corporation announced Tuesday afternoon.

American Titanium Metals, operating under the name Project Aero, has announced it will build its aerospace-grade titanium mill in Fayetteville, creating more than 300 jobs with an average salary of $123,476, the news release said.

The project involves an investment of more than $867 million in buildings and equipment, according to the release.

The city of Fayetteville and Cumberland County approved incentive packages in May in a bid to entice the company to build here.

“This project highlights our potential in the aerospace and advanced manufacturing sectors, making Fayetteville poised for tremendous growth and increased prosperity,” Fayetteville Mayor Mitch Colvin said in the release. “This historic investment will create several hundred high-paying jobs, with average salaries nearly double the national average and significantly higher than the average salary in North Carolina. We are excited to welcome this transformational project to Fayetteville and look forward to the future opportunities it will bring."

The approximately 500,000-square-foot facility and campus will melt, roll and finish titanium, addressing a critical need for aerospace-grade titanium in the U.S. aerospace industry, the release said.

According to the release, titanium alloys are valued by aircraft manufacturers and other industries due to the alloys' low density, high strength, corrosion resistance and "ability to withstand extremes of temperature."

'The perfect location'

A separate news release from the North Carolina Department of Commerce said that American Titanium Metal LLC will generate an annual payroll impact of more than $37 million for the community.

“We’re excited to welcome these new jobs and this significant capital investment into Cumberland,” state Sen. Tom McInnis, who represents a portion of Cumberland County, said in the release. “Project Aero’s decision to locate operations in our region shows people around the world that we’re the perfect location for tomorrow’s global industries.”

Previous coverage: The good metal? What a billion-dollar Fayetteville titanium plant could cost the environment

The North Carolina Department of Commerce said it led the state’s support for the company during its site evaluation and decision-making process.

"From the moment the Wright brothers pioneered flight at Kitty Hawk, the aerospace industry has been a cornerstone of modern life, driving technological advances and fostering connectivity," Gov. Roy Cooper said in the NCDOC release. "North Carolina offers aerospace manufacturers like this one in Cumberland County a talented workforce, worker training systems, and world-class transportation networks that will help them grow and succeed in our state."

The president of capital projects for Project Aero, LeRoy Prichard, said that with more than 20 years at U.S. Steel and 13 years at Nucor Corporation, during which he developed five greenfield steel mill projects, he is confident in leading the construction of such a "mission-critical project."

Glenn Adams, chairman of the Cumberland County Board of Commissioners, said the county is "thrilled" by American Titanium Metal LLC's decision to build its state-of-the-art facility here.

“When we, as the Board, consider which projects to recruit into our community, we are always mindful of the impact on our residents and the opportunities they will provide," he said. "We want everyone to know that Cumberland County is open for business and hope this will spur continued economic growth.”

Reporter Lizmary Evans covers growth and development for The Fayetteville Observer. You can reach her at LEvans@gannett.com

This article originally appeared on The Fayetteville Observer: Fayetteville chosen for nearly $1 billion titanium plant. Here's what we know.