Company plans to move into Bristol Compressors building

Martin Marietta Composites Inc. (MMC), a subsidiary of Martin Marietta Materials Inc. (NYSE: MLM), today announced that it is planning to occupy the building that formerly housed Bristol Compressors.

In a news release, the company said that it is opening the manufacturing facility for the production of structural fiber-reinforced composite products. The site is being purchased by Industrial Realty, which then plans to lease to Martin Marietta.

In an incentive agreement that is being proposed, subject to a public hearing, the county and town will give the company funding only if it purchases the building by December 2005. The agreement was in draft form and was not completed or signed when it was acquired by the newspaper on Tuesday.

Under the proposal, Martin Marietta would receive a total of $265,430 from the county and $96,520 from the town by Jan. 1 of 2017. Each year, the company would have to meet certain benchmarks to receive that year's funding. By 2007, the company expects to employ 380 people and have a total investment of $6.385 million in equipment.

Even though production is expected to begin next year, the number of employees and detailed salary information were not available as of presstime Tuesday. The average pay at the plant is expected to be above the county's current average wage.

Meanwhile, the company expects to have $1.8 million in investment and 120 employees by Jan. 1, 2004. That number will jump to 220 by Jan. 1, 2005, while the investment number also will increase to $4.32 million.

"This is not an incentive agreement like some we have seen in the past," commented County Manager Don Adams. There won't be any lawsuits. It is purely performance based. If they do perform, they get paid. If they don't perform, they don't get paid."

As an additional benefit to the area, the company is getting no up-front money and will be required to operate here until 2004 before being eligible for incentives — and only then if they meet the benchmarks for employment and investment and have purchased the building.

The incentive funds are to be used to renovate the building, according to the agreement.

The 185,000 square-foot building will initially manufacture highway and pedestrian bridge decks, commercial truck trailers, components for rail cars and other structural components.

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