Van Am Tool & Engineering is expanding into aerospace projects and a Buchanan County incentive is helping. The St. Joseph Chamber of Commerce assisted in helping this project become a reality.
Van Am is working on landing gear parts for the next generation of Lockheed Martin Sikorsky’s future vertical lift aircraft called the Raider X. The Raider X is a finalist in the U.S. Army’s future attack reconnaissance helicopters. In addition, Van Am is working with other major aerospace companies on the development of parts for the main and nose landing gear of aircraft. The parts the company has won are close tolerance, complex titanium and exotic steel, increasing the total skillset and defining Van Am as a supplier of high-precision and complex components for the aerospace industry.
The prototype projects will grow the already skilled Van Am workforce team by three with an average annual wage of $48,000. Another expansion will be required as the company transitions from prototype to full production which is expected to create additional new jobs.
This week Buchanan County commissioners presented Van Am with a check for $30,000 to assist with the cost of cybersecurity requirements for the company to be able to work on the projects.
Van Am has made a capital investment of about $320,000 in new equipment and will spend an approximate additional $60,000 on cybersecurity requirements necessary to be a supplier in the defense industry.