The company was presented with a $250,000 check from the Regional Economic Business Assistance grant program with the Georgia Department of Community Affairs.
The Cherokee Office of Economic Development’s staff visited the corporation on Thursday morning to deliver the check.
Cherokee County Office of Economic Development Chair Marshall Day and Misti Martin, president of the Cherokee Office of Economic Development, were on hand for the presentation.
REBA is an incentive program that helps businesses with needs when they are relocating to Georgia. Businesses can get help in real estate acquisition, infrastructure, construction or machinery and equipment costs.
Richard Griffin, chief financial officer at Universal Alloy, said the company’s expansion allowed them to build a second heavy press that makes wing parts.
Universal Alloy supplies aircraft manufacturer and sub-contractors with airplane parts. The company employs about 250 people at its location in the Canton-Cherokee Business and Industrial Park off Brown Industrial Parkway in Canton.
“This will allow us to up our market share considerably,” he said.
The expansion started in June 2010 and is slated to be complete next April, said Michael Colt, vice president and general manager.
The company has operated in Canton since 1996. The most recent expansion adds roughly 85,000 square feet and the company has purchased a 9,500-ton press, which is slated to arrive later this year.