Alcoa Inc. plans to invest more than $110 million at its Cleveland plant in part to refurbish a forging press used in the production of the F-35 Joint Strike Fighter plane.
Ohio Governor Ted Strickland said Thursday that the investment will help keep good jobs in Cleveland.
The state awarded Pittsburgh-based Alcoa a tax credit, loan and grant assistance that could total more than $20 million.
Alcoa's Cleveland Works makes large forgings for the aerospace industry.
In August of 2008, cracks were discovered in the 92-foot-tall, 50,000-ton press that began operation in 1955. Alcoa idled the press to assess the situation and then decided to refurbish it.
The disassembly and renovation is expected to be completed by the end of 2011.