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Young Living Essential Oils Continues to Grow in UtahDecember 11 2014 - 12:55 pm
For Immediate Release
December 11, 2014
GOED Communications Director
Director of Brand Awareness, Young Living Essential Oils
Young Living Essential Oils Continues to Grow in Utah
Utah born company expected to create 445 jobs over seven years
Salt Lake City, UTAH — Young Living Essential Oils, along with the Utah Governor’s Office of Economic Development (GOED), announced plans today to expand its presence in the state and create 445 jobs over seven years.
“The success experienced by Young Living Essential Oils is a testament to the friendly business environment the state offers to home grown businesses,” said Governor Gary R. Herbert. “More than two decades ago the business started because of a demand for organic essential oils. Now, it is growing not just regionally or nationally, but internationally.”
“Young Living has deep roots in Utah,” said Travis Ogden, Young Living Chief Operating Officer. “As the birthplace and headquarters of Young Living, Utah has always been our company’s home and we are excited to continue growing here and creating hundreds of new jobs.”
Young Living Essential Oils was started in Riverton, Utah in 1993 by Gary Young. Fueled by a growing demand for pure essential oils, Young Living designed and built the largest, most technologically advanced distillery for the production of essential oils in North America. The company has grown from a single herb farm to become the world leader in essential oils and wellness solutions with operations worldwide.
Young Living Essential Oils, LLC has indicated that they will be creating 445 new jobs over the next seven years. The total wages, including medical benefits, in aggregate are expected to exceed 125 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $174,461,476. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $43,769,871 over seven years. The new Young Living Essential Oils global headquarters, manufacturing and distribution facility have the potential to result in an expected capital investment of $82 million.
As part of a contract with Young Living Essential Oils, LLC, the GOED Board of Directors has approved up to a maximum tax credit of $8,753,974 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes Young Living Essential Oils will pay over the seven-year life of the agreement. Each year as Young Living Essential Oils meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.
Those interested in seeking employment with Young Living Essential Oils, LLC should go to http://www.youngliving.com/en_US/company/careers.
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 Young Living Essential Oils
Young Living Essential Oils, LLC is the world leader in essential oils with a strict Seed to Seal process to produce pure essential oil products for every individual, family, and lifestyle. This process ensures that all products are genuine, free of synthetic chemicals, and pure. This commitment stems from the company’s twenty year stewardship towards the earth and its people. For more information, visit www.youngliving.com, or contact Andrea Neipp, (801) 418-8781 or email@example.com.