Merit Medical To Add Hundreds Of New Jobs In Utah
Published: 10th December, 2009
Source: The Governor's Office of Economic Development
Author: Michael Sullivan
For Immediate Release
December 10, 2009
VP, Corporate Communications
Merit Medical Systems
GOED Dir. Communications
Merit Medical to Add Hundreds of New Jobs in Utah
The Governor’s Office of Economic Development offers incentive to grow in Utah
Salt Lake City, UTAH – The Governor’s Office of Economic Development (GOED) Board announced today the expansion of the Utah operations for Merit Medical Systems, Inc. (NASDAQ: MMSI). This expansion will add an estimated 392 new jobs, paying $95 million in wages over the next ten years. Merit Medical anticipates investing over $11 million in capital investment and employee training. New State Tax Revenue generated from the expansion is estimated at over $25 million, adding approximately $8 million to the State’s General Fund and $13.5 million to public education over the next 10 years.
This expansion is the direct result of an incentive offered by the GOED Board and the strong partnership between The State of Utah and Merit Medical. The incentive is in the form of a tax credit based on 30% of new state taxes paid by the company, with a total cap of $4.36 million over 10 years. The tax credits will be issued to the company annually upon verification of job creation and actual taxes paid. The company accepted the incentive following the board action, and the creation of new jobs is expected to begin immediately.
”We appreciate the confidence and support of the State as we continue to build our business, hire new employees and advance our technology for future growth in Utah,” said Fred P. Lampropoulos, Chairman and Chief Executive Officer of Merit Medical.
“Merit Medical has always been a leader in Utah’s Life Sciences industry, the addition of these new jobs will benefit hundreds of Utah families now and into the future and the company will continue to benefit from a high quality and productive workforce,” said GOED Executive Director, Spencer Eccles.
Founded in 1987, Merit Medical Systems, Inc. is a leading manufacturer and marketer of proprietary disposable medical devices used in interventional and diagnostic procedures,particularly in cardiology, radiology and gastroenterology. Merit Medical is a Utah-headquartered business that is a key part of Utah’s targeted Life Science economic cluster of businesses that bring significant job growth to the State. Merit serves client hospitals worldwide with a domestic and international sales force totaling approximately 125 individuals. Merit employs approximately 1,880 people worldwide, with facilities in Salt Lake City and South Jordan, Utah; Angleton, Texas; Richmond, Virginia; Maastricht and Venlo, The Netherlands; and Galway, Ireland.
About the Utah Governor’s Office of Economic Development (GOED)
The Governor’s Office of Economic Development (GOED) charter is based on Governor Herbert’s commitment to economic development statewide. The mandate for this office is to provide rich business resources for the creation, growth and recruitment of companies to Utah and to increase tourism and film production in the state. GOED accomplishes this mission through the administration of programs that are based around industries or “economic clusters” that demonstrate the best potential for development. GOED utilizes state resources and private sector contracts to fulfill its mission.