The Utah Governor’s Office of Economic Development (GOED) and Carbon County today announced Intermountain Electronics, Inc. will expand in Utah adding up to 289 jobs and $21.5 million in new state revenue and an estimated $12.5 million in capital investment over the next 15 years.
“It’s exciting to see Intermountain Electronics expand its operations in Carbon County,” said Gov. Herbert. “One of my administration’s most important economic goals is to create 25,000 jobs in rural parts of our state, and expansions like this one go a long way in creating valuable jobs and opportunities. I wish Intermountain Electronics and the Houston family the very best of luck as they move forward on this project.”
“The vitality of rural Utah’s economy depends on the commitment of local entrepreneurs, like John Houston,” said Senator Mitt Romney. “I am grateful for John’s commitment to creating jobs in Carbon County with the expansion of Intermountain Electronics. His investment in eastern Utah will have a lasting impact on the community for generations to come.”
Headquartered in Price, Utah, Intermountain Electronics, Inc. designs and manufactures custom power distribution equipment for industrial customers. The company initially serviced the coal mining industry in Carbon and Emery counties. Since 2010, Intermountain Electronics has diversified by adding customers in the oil and gas, utility, renewable energy and data center sectors.
“We have deep roots in Carbon and Emery counties, and are excited to proceed with this expansion in Price,” said Phil Blackburn, CEO at Intermountain Electronics. “While we have other facilities outside of Utah that we considered for this expansion, the strong interest and collaboration from officials at both the county and state level helped us become comfortable with proceeding here. We have other challenges ahead — including growing our local staff. The support from both Carbon and Emery counties and the state of Utah gave us confidence that we have strong local partners to address these challenges going forward. We thank them for their efforts.”
Intermountain Electronics will create up to 289 jobs over the next 15 years. The total wages in aggregate are required by statute to exceed 110 percent of the average county wage. Projected new state wages over the life of the agreement may be up to $251,564,824, 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 $21,582,270 over the next 15 years.
“This is a regional win for Carbon and Emery counties,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “Intermountain Electronics weighed expansion options in neighboring states, but the counties, Utah State University, and the local school districts demonstrated the resources and commitment to workforce development that the company appreciated.”
Intermountain Electronics may earn up to 30 percent of the new state taxes they will pay over the 15-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 Intermountain Electronics, the GOED Board of Directors has approved a post-performance tax credit not to exceed $6,474,681. Each year that Intermountain Electronics meets the criteria in its contract with the state, it will earn a portion of the total tax credit.
“Intermountain Electronics’ decision to expand here in Carbon County is vital to the future of our local economy,” said Larry Jensen, Carbon County commissioner. “The scale of its expansion will ensure many of our children will not have to leave for employment and other local businesses will see growth as demands for products and services increase. We are very grateful to the Houston family and the Intermountain Electronics staff for their investment in our community, and we are committed to supporting their efforts well into the future.”