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GOED Board Approves Incentive for WhiteWave FoodsNovember 10 2016 - 12:03 pm
For Immediate Release
GOED Communications Director
Communications Director, WhiteWave Foods
GOED Board Approves Incentive for WhiteWave Foods
SALT LAKE CITY (Nov. 10, 2016)—The Governor’s Office of Economic Development (GOED) Board today approved a post-performance tax credit rebate for WhiteWave Foods, a global consumer packaged goods and beverage company. The project is expected to add up to 105 jobs and $70 million in capital investment to the community.
“Utah has a strong manufacturing community and is a prime distribution location,” said Val Hale, executive director of GOED. “We look forward to WhiteWave Foods’ growth and contributions.”
The WhiteWave Foods Company is a leading consumer packaged food and beverage company that manufactures, markets and sells branded plant-based foods and beverages, coffee creamers and beverages, premium dairy products and organic produce. The Company’s widely-recognized, leading brands distributed in North America include Silk®, So Delicious® and Vega™ plant-based foods and beverages, International Delight® and Land O’Lakes® coffee creamers and beverages, Horizon Organic® and Wallaby Organic® premium dairy products and Earthbound Farm® organic salads, fruits and vegetables.
The WhiteWave Foods project will create up to 105 jobs over the next six years. The total wages in aggregate are required to exceed 110 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $27,207,296. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $5,009,392 over six years.
“WhiteWave’s product lines represent a growing trend toward organic and plant-based food products and helps put the state on the map in this burgeoning sector,” said Michael Flynn, chief marketing officer and acting chief of staff at the Economic Development Corporation of Utah.
WhiteWave Foods may earn up to 20 percent of the new state taxes they will pay over the six-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. As part of the contract with WhiteWave Foods, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,001,878. Each year as WhiteWave Foods meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
WhiteWave Foods is working closely with the local community to determine the best location for the new operation. Exact location will be determined at a future date.
About the Utah Governor’s Office of Economic Development (GOED)
The Governor’s Office of Economic Development (GOED) charter is based on Gov. Gary R. Herbert’s commitment to statewide economic development. The state’s economic vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business environment and tourist destination. GOED provides extensive resources and support for business creation, growth and recruitment statewide, as well as programs to increase tourism and film production for the benefit of Utah residents. All administered programs are based upon strategic industry clusters to develop a diverse, sustainable economy. GOED accomplishes its mission through unprecedented partnerships. For more information please contact: Aimee Edwards, (801) 538-8811 or email@example.com.