Fort Worth City Council approved the lease during its June 24 meeting, which took effect on July 1 and will run through June 30, 2054, according to city documents.
MTU is located at Perot Field Fort Worth Alliance Airport.
What’s happening?
MTU Maintenance is under the umbrella of German-based MTU Aero Engines and does jet engine overhaul and maintenance on commercial and military aircraft engines, according to city documents.
Currently named MTU Maintenance Dallas Inc., the business is located in Fort Worth Council District 10 at 2100 Eagle Parkway, Building 12, and will be renamed MTU Maintenance Fort Worth later Sept. 1, according to MTU Maintenance managing director Gernot Sell.
The new lease includes an upgrade of a 462,847-square-foot facility to offer an on-site service center for a full disassembly, assembly and test facility. The Fort Worth location will bring 1,200 jobs and up to 2,000 indirect jobs in services, logistics and infrastructure to the area, according to a news release from MTU.
City documents state the cost for leasing by square foot will rise by 16 cents over the 30-year lease starting this year.
Quote of note
“MTU is taking things to the next level with a triple-digit million U.S. dollar investment in our Fort Worth-based site," Sell said. “We have a clear business strategy for regional collaboration, are committed to job creation and both excited and prepared for significant growth.”
The backstory
MTU started as an aircraft engine factory founded in 1913 by Karl Rapp in Munich, Germany, according to its website. The company has a portfolio of more than 30 engine types and serves more than 1,100 customers worldwide.
