The Governor’s Office of Economic Development (GOED) today announced Moog Inc. will expand their operations in Utah, adding up to 120 jobs, $4.9 million in new state revenue and $2.23 million in capital investment.
“Moog is a leader in the aerospace and defense industry,” said Val Hale, executive director of GOED. “With over 60 years of experience, Moog’s expansion will be a great benefit to our state and we look forward to their success.”
Founded in 1951 in New York, Moog is a leading worldwide designer, manufacturer and integrator of high-performance precision motion and fluid controls and systems for a range of applications in aerospace and defense, industrial and medical markets. Moog currently employs over 11,000 employees with locations throughout the U.S., and around the world including Germany, England, Australia, Italy, Japan, Ireland, and many more.
Moog plans to add these jobs within their existing facility in Salt Lake County and bring to Utah the assembly and test of a new turreted weapon system called the Reconfigurable Integrated-weapons Platform (RIwP). The RIwP is a revolutionary remote turret, providing the warfighter overmatch to current and emerging threats across the full spectrum of conflict.
“We are excited about this new product and to be hiring additional talented personnel in Utah. The support from the Governor’s office for these high-tech manufacturing jobs was key to making the decision to grow in Utah,” said Jon Liddle, director of Moog Defense Sector Operations and Supply Chain. “Our culture supports the development and growth of our employees and I encourage those who want to join the Moog family to go to www.moog.com/careers.”
Moog will create up to 120 jobs over the next ten 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 $73,755,064. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $4,903,768 over ten years.
“Moog’s expansion in Utah is one more example of our state’s compatibility with the aerospace and defense industries,” said Theresa Foxley, CEO of the Economic Development Corporation of Utah. “We’re excited to see them grow in Utah and are thankful for their continued investment here.”
Moog may earn up to 20 percent of the new state taxes they will pay over the ten-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit. As part of the contract with Moog, the GOED Board of Directors has approved a post-performance tax credit not to exceed $980,754. Each year as Moog meets the criteria in its contract with the state, it will earn a portion of the total tax credit. See photo here.