The Springfield Paper (www.thespringfieldpaper.com)
Growth for Spectra Jet
By Tim Bucey / Communications Manager Greater Springfield Chamber of Commerce
Mike Catherwood stands in the hangar where his company has relocated and sounds like a proud papa showing off his newborn.
The Spectra Jet president and CEO is talking about the completion of the first of a six-phase growing plan for the company that services, repairs and inspects all models of Learjets at is new $1.3 million, 24,000-square-foot facility in AirPark Ohio, located off Route 68 south of Springfield Ohio.
“I’m so proud and so pleased with this,” said Catherwood, president and general manager and one of the three owners and founders of the company that is certified to do inspections, repair and service all model of Learjets.
The space includes 18,000-square-feet for the hangar and 6,000 for a combination shop, office and lounge.
Spectra Jet was located since 1999 in hangar space adjacent to the Springfield-Beckley Municipal Airport terminal that was leased from Sunbird Air Services. Business dropped off after 9/11 but soon took off again. It became evident that Spectra Jet needed more space.
“We were filling the hangar with airplanes,” Catherwood said.
The new hangar provides more opportunities for the company. The additional space and large sliding doors opens up the bigger Canadair Bombardier / Challenger jet market to Spectra Jet. Challenger jets would not fit into the hangar at their previous location. The new hangar can accompany four Challengers.
The company expects to surpass its $1.3 million revenue projection for this year and have averaged 60 percent growth annually.
Financing included a $200,000 grant from the City of Springfield and $100,000 spent by the city to create a new apron area outside the hangar.
“The City has provided ongoing support for this business since its start at Springfield Municipal Airport, and we are extremely proud to have them begin their next stage of growth in Springfield’s AirPark Ohio,” said Tom Franzen, City of Springfield economic development director.
As part of the grant, Spectra Jet plans to have 16 full time employees within three years at an average salary of $55,000.
The company has eight full-time and seven part-time workers now with plans to add one or two more full-time employees by the beginning of 2008 and two more by the end of next year.
“In five years, we could have 40 people working here. The goal is 20, but we could have 40 the way we are going,” Catherwood said.
He attributes their growth to being good at what they do, owners bringing bigger airplanes to them and word of mouth advertising.
