A planned expansion at Lockheed Martin’s Troy plant is expected to create 300 new jobs in Pike County, and a $1 million grant from Gov. Kay Ivey will help build the water line needed to support it.

The aerospace and defense company plans to invest $35 million to $50 million in the expansion, which will include at least one new facility, according to the Alabama Department of Economic and Community Affairs.

Lockheed Martin plans to increase annual production of Terminal High Altitude Area Defense (THAAD) missile interceptors from 96 to 400 over the next seven years. The Troy plant also builds Javelin missiles, Joint Air-to-Surface Standoff Missiles and air-to-ground missiles.

“This is a significant development for Troy and Pike County that will bring many good jobs and enhance economic opportunities in the area,” Ivey said. “I am pleased to award funds to this project, which will benefit area residents and support national defense objectives.”

The water line project will also support Troy’s Rex Lumber and Universal Precast industrial facilities and is expected to improve service to about 900 nearby residents. Local leaders said the upgrade will address existing water system limitations and help accommodate future industrial growth.

ADECA is administering the Community Development Block Grant using funds provided by the U.S. Department of Housing and Urban Development. The Pike County Commission will contribute $755,000 in matching funds.

“This development will improve regional manufacturing capacity and generate new economic opportunities for area residents,” ADECA Director Kenneth Boswell said. “ADECA is pleased to partner with Gov. Ivey and Pike County in support of this substantial project.”

Ivey notified Pike County Commission Chairman Chad Copeland that the grant had been approved.