The Utah Governor’s Office of Economic Development (GOED) today announced GOEX Corporation will expand in Utah adding up to 100 jobs, $1.8 million in state revenue and an estimated $15 million in capital investment.
“We are excited that GOEX would select Utah for its western operation,” said Val Hale, executive director at the Utah Governor’s Office of Economic Development. “There is tremendous growth and opportunity in Iron County. As a supplier of medical and food packaging materials, GOEX’s expansion will be a good opportunity for southern Utah.”
GOEX Corporation was founded in 1990 and is based in Janesville, Wisconsin. GOEX operates one of the most advanced custom plastic sheet extrusion facilities in the industry. The company’s products and materials serve the graphics, medical and food packaging industries. The new facility in Iron County will take cues from the 235,000 square foot facility the company completed in Janesville in 2015.
“Our new Cedar City, Utah location supports GOEX’s ongoing commitment to ensure timely delivery of extruded sheet products,” said Joshua Gray, president and CEO of GOEX. “The new facility will help us better serve our customers in the western areas of the country. We intend to build on the success of our current plant, built specifically for our processes. And we are eager to witness firsthand the great things we have been told about the workforce in southwest Utah.”
GOEX will create up to 100 jobs over the next seven years. The total
wages in aggregate are required to exceed 110 percent of the average county
wage. Projected new state wages over the life of the agreement may be up to
$23,452,335, which includes wages, salaries, bonuses and other taxable
compensation. Projected new state revenues, as a result of corporate payroll
and sales tax, are estimated to be $1,826,496 over the next seven years.
“This expansion project is a good example of persistence and creative problem-solving at the local level,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We at EDCUtah were pleased to support Cedar City’s efforts throughout the process.”
GOEX may earn up to 20 percent of the new state taxes they will pay over the seven-year life of the agreement in the form of a post-performance Economic Development Increment Finance (EDTIF) tax credit. As part of the contract with GOEX, the GOED Board of Directors has approved a post-performance tax credit not to exceed $365,299. Each year that GOEX meets the criteria in its contract with the state, it will earn a portion of the total tax credit.
“We have enjoyed working with GOEX throughout this site-selection process, and we are thrilled that they have chosen Cedar City as their location for expansion,” said Danny Stewart, economic development director for Cedar City and Iron County. “GOEX is an outstanding company with a solid reputation and a culture that fits perfectly in our community. They make top-quality products, and they truly value their employees and their customers. This company will have a tremendous positive impact on Iron County and southwestern Utah. This is a huge win for Utah and Cedar City.”
The Utah Legislature has authorized economic development incentives in the form of post-performance tax credits. Eligible companies work with the Utah Governor’s Office of Economic Development to outline specific performance criteria. Once GOED confirms those criteria have been met, companies can receive a refund up to 30 percent of the state taxes they paid for up to 20 years.