President's plan to increase defense spending could impact New River Valley company
BLACKSBURG (WSLS 10) - President Donald Trump said he wants to increase military spending by $54 billion. If the plan passes, it could have an impact on companies in Southwest Virginia who build parts for military equipment.
Moog Components Group builds small parts key to helping bigger pieces of equipment, like aircraft, operate. Greg Boyer, Vice President of Sales and Marketing for the company said about half of their revenue stream comes from defense projects.
"This equipment provides unrestrained precision motion control that helps defend our troops, ships, aircraft in the field," he said.
Boyer said President Trump's budget plan to increase military spending could have a positive impact on the company.
"We are not sure how that money will flow down to us as yet," Boyer said. "But as the country increases its readiness and modernizes its compatibility it will have a positive impact on Moog."
In addition, Boyer says more military spending could provide stability to the workforce. He says defense projects support about half of their 1200 employees in the New River Valley.
"It will ensure that our jobs are stable and that money will flow down into our community through expenditures within our company, through the tax base".
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