Eldon James, along with the Governor’s Office of Economic Development (GOED), announced today that the company will open a manufacturing facility in Utah, resulting in up to 115 jobs in the coming years.
“We never forget the critical role manufacturing plays in any economy,” said Val Hale, executive director of GOED. “We extend a warm welcome to Eldon James and look forward to their contributions to our state.”
Founded in 1987 in Loveland, Colo., Eldon James manufactures tubing, fittings and connectors that support medical, pharmaceutical, food services, automotive and a variety of other industries. They create more than 6,000 products sold worldwide. Jobs at the new state-of-the-art facility will include engineering, extrusion and injection molding, sales, assembly, warehouse and shipping positions.
“We have been impressed with the work ethic and family culture in Utah,” said Marcia Coulson, president of Eldon James. “When building a business you must surround yourself with people who enhance and build upon your core values and goals. We are looking forward to meeting, employing and growing our business in Utah.”
Eldon James has indicated that the expansion will create up to 115 jobs over the next six years. The total wages in aggregate are required to exceed 110 percent of the Salt Lake County average wage. The projected new state wages over the life of the agreement are expected to be approximately $34,385,217. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $5,080,138 over six years. The project is expected to generate up to $5 million in capital investment.
“We are very pleased to welcome Eldon James to Utah and look forward to the positive impact they will have on our thriving medical device industry,” said Jeff Edwards, president and CEO of Economic Development Corporation of Utah. “Adding such a high quality supplier in our state will increase the competitive advantage medical device companies gain by doing business in Utah.”
Eldon James may earn up to 15 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 Eldon James, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $762,021. Each year as Eldon James meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.