Aerospace industry leaders are welcoming the recent passage of the Federal Aviation Administration's Modernization and Reform Act of 2012, saying it will offer stability and job security in air transportation, as well as make the skies safer.

The Aerospace Industries Association praised Congressional passage of the reauthorization bill that it said will provide much needed changes in the industry needed to help spur the economy by creating thousands of private sector jobs.

Once approved by President Barack Obama, the bill will provide approximately $3 billion for the next phase of transforming the country's air traffic radar system, set global emissions standards and a include permitting by the Transportation Department to offer loan guarantees to help airlines pay for modernization equipment needed on their aircraft.

Meanwhile in Washington, airplane maintenance and repair company Aviation Technical Services (ATS) has opened a new parts-repair facility near Boeing's Everett plant, according to the Seattle Times.

The company said it will hire 100 skilled mechanics to work at the new shop immediately, with plans to hire another 100 workers over the next two years.

There are currently 300 aerospace companies within 50 miles of the new ATS business.

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