Currently, 787s built in South Carolina are flown to Fort Worth, Texas, to be painted with airline logos and then are returned to South Carolina for final delivery to customers.
"We can make our delivery process even more efficient by painting airplanes here in South Carolina, creating more value and convenience for our customers," Jack Jones, the vice president and general manager of Boeing South Carolina, said in a statement.
Boeing said the new paint facility should be in operation by mid-2016.
The company also said it has reached agreement with Palmetto Railways, a division of the state Commerce Department, for a long-term lease of about 470 additional acres of land in North Charleston. Boeing said the purpose of the lease is to protect the land for future expansion.
The lease includes a provision that Boeing can purchase the land at the end of the lease term in 2027.
Jones said the company has no specific plans for the land other than it will be the location of the new paint facility.
Boeing announced Thursday that it will be adding 300 to 400 employees in North Charleston as part of a restructuring of its research operations. A similar number will be added in St. Louis area and Huntsville, Ala.
Those jobs are being shifted from Seattle and Southern California. The company will begin moving the jobs early next year.
Earlier this year, Boeing announced it will invest another $1.1 billion and create 2,000 new jobs in South Carolina over eight years.
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