Together with the Governor’s Office of Economic Development (GOED), Oemeta announced it will build a high-tech manufacturing plant in Salt Lake County to support growing demand in the western region.
“The addition of Oemeta to Utah’s growing list of manufacturing companies hits home two major points,” said Val Hale, executive director of GOED. “Utah is actively recruiting foreign firms to invest in the state and is increasingly aware of bringing environmentally friendly companies here. We are honored to be the chosen location for Oemeta’s first U.S. expansion.”
“Oemeta is truly excited for the opportunity to partner with Utah in establishing our first U.S.based facility in Salt Lake county,” said Andrew Leech, president and CEO of Oemeta Inc. “We look forward to continuing work with the Governor’s Office of Economic Development, in our commitment to incorporating the value of more environmentally friendly processes in industrial machining.”
Oemeta is the preeminent green chemistry leader in industrial machining for companies including BMW and Audi. Oemeta’s cutting edge bio-based technology has a proven performance track record, while being safer and more environmentally friendly than traditional petrochemicals. Oemeta products are approved officially “green” by the U.S. Department of Agriculture.
Oemeta has indicated that they will be creating 58 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 seven year life of the agreement are expected to be approximately $12,664,553. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $567,233 over seven years. The new Oemeta facility has the potential to result in an expected capital investment of $5,250,000.
“Utah continues to attract high-tech companies from around the world thanks to our low taxes, sound regulations and skilled workforce,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “We congratulate Oemeta on their smart decision to expand to the state.”
As part of a contract with Oemeta, the GOED Board of Directors has approved up to a maximum tax credit of $113,447 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes Oemeta will pay over the seven-year life of the agreement. Each year as Oemeta meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.
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