The Utah Governor’s Office of Economic Opportunity (Go Utah) is pleased to announce that Cytiva’s subsidiary Hyclone Laboratories will expand its facility in Logan, Utah, adding up to 396 new high-paying Utah jobs in the next 10 years.
“We’re excited Cytiva is growing, and we couldn’t be happier that the company is expanding its Logan location,” said Dan Hemmert, Go Utah’s executive director. “Utah has a robust healthcare industry, and it’s great to see companies like Cytiva deliver life-altering technologies around the world.”
Cytiva is a global provider of technologies and services advancing and accelerating the development and manufacturing of therapeutics. Formerly part of GE Healthcare, the company has a rich heritage tracking back hundreds of years and a fresh beginning since 2020. Customers undertake life-saving activities, ranging from developing innovative vaccines, biologic drugs, and novel cell and gene therapies.
“Our work in Logan, Utah enables the development and manufacture of many novel therapeutics,” said Justin Meehan, plant manager at Cytiva. “As global demand for our products and services continues, expanding our operations in Logan will help us deliver for our customers and patients.”
Cytiva may receive up to 25% of the additional state taxes it will pay over the 10-year life of the agreement in the form of a Utah Legislature-authorized Rural Economic Development Tax Increment Finance (REDTIF) tax credit. The Go Utah Board has approved a post-performance tax credit not to exceed $4,855,064. Each year Cytiva meets the criteria in its contract with the state, it will qualify for a portion of the total tax credit.
“With this expansion, Cytiva continues its multi-year pattern of multi-million dollar investment in Cache County,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah. “It’s heartening to see Cytiva’s continued confidence in Hyclone’s legacy — one of Utah’s original BioHive companies — and in Cache County’s future.”
State of Utah Tax Credit Projections by the Numbers
|Capital investment||$231 million|
|Projected new state tax revenue||$19,420,258|
|EDTIF new state taxes||25%|
About Rural Utah Corporate Incentives
The Utah Legislature has authorized economic development incentives in the form of post-performance tax credits to promote rural businesses development. Eligible companies work with the Utah Governor’s Office of Economic Opportunity to outline specific performance criteria. Once the office confirms those criteria have been met, according to statute (U.C.A. 63N-2-104(c)(ii)), companies can receive a refund of up to 50% of the new state taxes they paid for up to 20 years. The contract with the state is post-performance; it only provides a state tax credit if the company meets its obligations.