Groen Brothers Aviation Inc. announced Tuesday that it will move its corporate headquarters from Salt Lake City to Glendale, Ariz., near Phoenix.
Groen Brothers has been working for years to develop a commercially viable gyroplane, a hybrid aircraft that has characteristics of both fixed-wing airplanes and helicopters. Its non-powered rotor acts as the aircraft's wings.
The company said it will build a 200,000-square-foot facility in Glendale where it intends to manufacture the Hawk 4 gyroplane, which it said is "nearing the final stages of certification" with the Federal Aviation Administration. The company currently operates at 2320 W. California Ave.
President and CEO David Groen said the new plant will be capable of producing up to four aircraft per day or 720 per year, and he intends it to be operational by the fourth quarter of 2002.
Groen said the plant will eventually create 425 jobs. The $14 million facility will be constructed by Ryan Companies, based in Phoenix, which will then lease it to Groen Brothers.
Groen Brothers stock closed Monday at 70 cents per share on the Over the Counter Bulletin Board market. During the past 52 weeks, its shares have traded between 60 cents and $1.44 per share.