Spectrum Advanced Manufacturing Technologies, a longtime Colorado Springs electronics manufacturer whose products serve the aerospace and medical industries, the Department of Defense, NASA and other clients, plans to add at least 100 jobs averaging more than $85,000 a year as part of an expansion announced Tuesday by the company, business leaders and local and state government officials.
The company’s growth includes a 3,000-square-foot addition to its existing manufacturing plant northwest of Fillmore Street and Mark Dabling Boulevard on the Springs’ northwest side, along with construction of a 12,000-square-foot building at the site for manufacturing and assembly.
Spectrum’s expansion was announced at a news conference during the weeklong Space Symposium being held at The Broadmoor hotel in Colorado Springs; the annual gathering for the space and defense industries draws thousands of aerospace, military, cybersecurity, government, education and news media representatives from around the world.
“This expansion signifies a strategic response to the growing demand for Spectrum AMT’s expertise in high-reliability electronics manufacturing,” Jeff Gilbert, the company’s chief operating officer, said in a news release. “We are deeply committed to not only supporting critical industries like aerospace and defense but also contributing meaningfully to the advancement of technologies that shape the future, from space exploration and scientific discovery to addressing global medical challenges.”
Spectrum, which currently employs 54 people in Colorado, says it expects to create more than 100 net new jobs at an average annual wage of $85,407, which is 135% of the average annual wage in El Paso County, according to the news release. The positions will include marketing and sales, engineers, inspectors, accountants, production associates, administrative support and technicians.
In February, the Colorado Economic Development Commission, a state-appointed panel, approved up to $1.28 million in performance-based Job Growth Incentive Tax Credits for the company over eight years. To qualify for the credits, Spectrum must meet job creation and salary requirements spelled out in an agreement with the state.
Spectrum also considered Tulsa, Okla., for its expansion, the news release said.
“Colorado is a leader in advanced manufacturing, and Spectrum AMT will create over 100 new good-paying jobs in this important industry,” Gov. Jared Polis said in the release. “We are thrilled to see Spectrum AMT expand in Colorado Springs and this new investment will help Colorado remain the best place to live, work and do business.”
The Colorado Springs Chamber of Commerce & EDC also facilitated a local incentive package with the city of Colorado Springs and El Paso County valued at $275,496, according to the news release.
“As a leader in medical, commercial, and defense technology, Spectrum’s expansion will bring with it a wave of exciting opportunities,” Colorado Springs Mayor Yemi Mobolade said in the release. “Their decision to expand here is a testament to our city’s skilled workforce and vibrant business environment. Furthermore, it showcases the incredible potential of Colorado Springs as a city for business retention, growth, and advancement.”
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Spectrum was founded more than a quarter century ago; California-based Ocutrx Technologies purchased Spectrum a year ago and kept the company’s operation and employees in the Springs.
“Spectrum Advanced Manufacturing Technologies Inc. was founded in 1997 to provide quick-turn product development and manufacturing services to the aerospace, medical, industrial and commercial marketplaces,” according to the company’s LinkedIn page. “When a circuit board, assembly, or system cannot fail, Spectrum is the choice for prime manufacturers. We provide high-reliability electronic manufacturing for aerospace, spaceflight, military and enterprise, and have for over 25 years.”
Spectrum’s decision continues a string of job announcements in Colorado Springs over the past two years. More than 4,200, high-wage jobs have been announced for the area over that period by existing businesses or newcomers, who also plan to spend more than $2 billion on capital investments, Chamber & EDC officials have said.