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Top Trucking Company Rolls into UtahJune 11 2015 - 1:00 pm
For Immediate Release
June 11, 2015
GOED Communications Director
Prime Inc. Marketing Director
Top Trucking Company Rolls into Utah
Prime Inc. chooses Salt Lake City as western hub for fleet management
SALT LAKE CITY, UTAH—Prime Inc., along with the Governor’s Office of Economic Development (GOED), announced today that Prime will open new operations in Utah, creating more than 100 new jobs and more than $40 million in capital investment.
“We’re thrilled to welcome a company of this caliber to the state,” said Val Hale, executive director of GOED. “Prime Inc., like many companies before them, has discovered that Utah is a choice location for western U.S. operations. Beyond location, we also look forward to showing Prime how our nation-leading business environment can support its growth.”
Prime Inc., a trucking company founded in 1970, is headquartered in Springfield, Missouri. It is one of the largest trucking companies in the world, serving both the United States and Canada. The company’s fleet includes nearly 6,000 trucks and more than 11,000 trailers. Known for investing in their employees, Prime offers fully benefited positions in fleet management, dispatching and mechanics. The company also provides multiple training and certification programs for employees. The new Utah location will serve as a western hub for company operations.
“We are excited to announce the expansion of our western regional operations in one of the most beautiful cities in America, Salt Lake City,” said Robert Low, founder and CEO of Prime Inc. “We value the strong partnership and support within the community because it will enhance our growth. Salt Lake City is integral to our operational growth initiatives. We plan to build our facilities with our associates—our most important asset—in mind. With the best truck drivers on America’s roads today supported by an exceptional hiring base available in the Salt Lake City area, Prime anticipates great success in this venture.”
Prime Inc. has indicated that their expansion will create up to 129 jobs over the next five years. The total wages, including medical benefits, in aggregate are expected to exceed 125 percent of the Salt Lake County average wage. The projected new state wages over the life of the agreement are expected to be approximately $36,146,090. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be approximately $2,083,405 over five years. The expansion will generate an expected capital investment of $40 million.
“Prime Inc.’s decision to establish a new facility in Salt Lake City, the crossroads of the West, will give them much greater access to their western U.S. clients,” said Jeff Edwards, president and CEO of Economic Development Corporation of Utah. “Salt Lake City’s central location for distribution will put Prime Inc. within a one- to two-day drive to half of the nation’s population.”
As part of a contract with Prime Inc., the GOED Board of Directors has approved up to a maximum tax credit of $312,511 in the form of post-performance Economic Development Tax Increment Finance (EDTIF) incentives, which is 15 percent of the new state taxes Prime Inc. will pay over the five-year life of the agreement. Each year, as Prime Inc. meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.
About the Utah Governor’s Office of Economic Development (GOED)
The Governor’s Office of Economic Development (GOED) charter is based on Governor Gary Herbert’s commitment to economic development statewide. Utah’s economic development vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business destination. 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 targeted industries or “economic clusters” that demonstrate the best potential for development. GOED utilizes state resources and private sector contracts to fulfill its mission. For more information please contact: Michael Sullivan, 801-538-8811 or firstname.lastname@example.org
About Prime, Inc.
Founded in 1970 by Robert Low, Prime, Inc. is North America’s most successful refrigerated, flatbed, tanker and logistics trucking company. Headquartered in Springfield, MO, Prime’s personnel, equipment and technology remains on the cutting edge of the transportation industry, and the company’s growth remains steady and well managed. For more information please contact: Clayton Brown, 417-866-0001 or email@example.com