International aerospace tooling manufacturer, Kaman, is in advanced negotiations to sign up as the flagship tenant on Barnfield Construction's new 37-acre advanced engineering park in Burnley.
The former Michelin site is being transformed into an aerospace supply chain village.
Kaman Tooling is part of the Kaman Corporation, a multi-national aerospace and industrial distribution business headquartered in the US.
After completing the purchase of the former Michelin Site from the Homes & Communities Agency, Barnfield is now back on the site at the 30,000 sq ft Lancashire Digital Technology Centre.
Barnfield has started work refurbishing the existing structure of the main building to provide 4,000 sq ft of offices. It is also doubling the existing production capacity with a 60,000 sq ft facility, which following the signing of final documents would be occupied by Kaman Tooling.
The whole site has the capacity to accommodate up to 400,000 sq ft of commercial and industrial space.
Tim Webber, managing director and chairman of The Barnfield Group, said: "To actually be delivering successful business parks here and at our AMS Technology Business Park really shows businesses in and around Burnley have a positive and proactive attitude when it comes to development and this park is proof that Burnley is a town driving forward the economy of aerospace and engineering."
Guy Thomas, managing director of Kaman UK said: "We continue to negotiate a move to the Michelin site where the new facility would allow us to invest in machinery, provide security for our existing workforce and create additional jobs.
"Working with Barnfield provides us with a great opportunity to design a purpose built facility that would enable us to meet all of our future business needs."
Cllr Julie Cooper, Burnley Council leader, said: "Kaman being so close to hopefully moving their expanded tooling operation onto the site is fantastic news. It is an excellent company with great prospects for future growth."
Assuming successful negotiations of the contract, the new Kaman Tooling production facility could be completed before the end of 2013.