State and local governments will provide incentives and tax abatements of close to $100 million.
NetJets' customers buy fractional shares of an aircraft in exchange for access to flight service. The company had considered moving to Raleigh, N.C.; Orlando, Fla.; or Fort Worth, Texas.
The company, founded in 1964, manages more than 390,000 flights annually. Ensuring that NetJets remains a market leader is what prompted it to explore a move and expansion, NetJets Chief Executive Richard T. Santulli said at a ceremony announcing the deal.
"My job as CEO goes beyond today," he said. "To me it was essential that I had a plan in place long after I'm here."
The expansion also will make space for the local operations of pilot training firm FlightSafety International, doubling the company's flight simulators and creating the largest flight training facility in the world, according to NetJets. Officials hope the facility will bring in pilots from outside Ohio and from other national aviation companies for training.
NetJets has executive offices in Woodbridge, N.J. NetJets and FlightSafety are owned by Omaha, Neb.-based Berkshire Hathaway Inc., led by investor Warren Buffett.
