ACCO Engineered Systems, a California-based heating and cooling company, announced a $36 million expansion in Monument on Thursday that the company says will create up to 135 jobs.

ACCO designs, builds, installs, maintains and services commercial and industrial HVAC, refrigeration, plumbing, piping and building automation systems, according to a news release from the state Office of Economic Development and International Trade (OEDIT).

The company will operate in the Falcon Commerce Center along Interstate 25 and Baptist Road. It chose Monument over Peoria, Ariz.

“Our move to Monument is a significant step forward for our growth in the Colorado market,” said Dan Gudmunson, a project executive with ACCO. “The added capacity we gain with this shop and the jobs it will create will allow us to provide our best-in-class fabrication and installation capabilities to more customers throughout Colorado and the surrounding states.”

The company received $453,000 in strategic fund job growth incentives from OEDIT. The incentives provide a cash payment over five years to companies that create and maintain permanent jobs in the state, according to OEDIT.

El Paso County estimated that the company could qualify for $585,800 in performance-based state Enterprise Zone tax credits and exemptions, the release said. Monument also approved a “local performance-based incentive” of up to $453,060 contingent on job creation at the facility.

“ACCO Engineered Systems’ expansion into El Paso County highlights Colorado’s status as a premier destination for advanced manufacturing and mechanical engineering,” OEDIT Executive Director Eve Lieberman said in the release. “By bringing 135 new jobs to Monument, ACCO is demonstrating the strength of our state’s business climate and the ongoing success of our efforts to support industry-leading companies as they grow and innovate in our communities.”

Monument has attracted other development in recent years. In January 2026, the Town Council approved a 10.3-acre mixed-use business park. In January 2025, the council approved a pair of warehouses as part of the Falcon Commerce Center project.

ACCO will fill one of the buildings in the Falcon Commerce Center, moving next door to UPS, which opened a distribution facility in 2022.

Another building was occupied by Eagle Rock Distributing Co., but the business was acquired by Southern Glazer earlier this year. In an April 2 notice to the Colorado Department of Labor and Employment, Eagle Rock said it would shut down its facilities in Monument and others throughout the state as a result of the sale, though job losses would be minimal, The Gazette previously reported.

Mayor Mitch LaKind praised the efforts of Monument officials in bringing ACCO to Monument.

“This is a big day for Monument,” he said. “We worked really hard to make this happen. For the first time ever, the town put together a local economic development incentive package.”

The jobs that ACCO will create will have an average annual wage of just over $87,000, 133% above El Paso County’s average, according to OEDIT. The company has 6,500 employees, 285 of whom are in Colorado, the release said.

“ACCO made a long-term bet on Monument, and we take it seriously,” LaKind said. “Today’s announcement is the start of a real relationship and as they grow here, we want to be the kind of community that supports their success and we’re committed to that for the long haul.”

The company was referred to as “Project Cobalt” throughout the OEDIT process. The state first announced the approved incentives in November 2025.