The Utah Governor’s Office of Economic Development (GOED) is pleased to announce Malouf will expand its operations in Utah, creating 1,195 new jobs in the next 10 years.
“Malouf is growing rapidly, and with this new expansion, they plan on building a new corporate headquarters in Nibley,” said Val Hale, GOED’s executive director. “This expansion will create over a thousand new jobs in Cache Valley in areas including finance, marketing and software development.”
Malouf is a bedding and furniture manufacturer and distributor headquartered in Logan, Utah. Founded in 2003, the company offers products, including furniture, adjustable bed bases, mattresses, pillows, and sheets. Company products can be found in major retailers like RC Willey and Mattress Firm, and are also available at online retailers like Amazon.
CEO Sam Malouf said, “Utah is home to so many of our employees, and I’m very grateful that the Governor’s Office of Economic Development believes in us. We’ve been working on this partnership for three years to bring more jobs to Utah and cement our future here. This announcement is timed perfectly and an indicator of future job stability and growth in our state.” Jeff Steed, chief legal officer at Malouf, adds, “It is a tribute to the community-oriented culture in Cache Valley, and to Utah’s state and local leaders, all who share those same values. We could not be more grateful and excited to call this place ‘home.’”
Malouf may earn up to 25% of the new state taxes it will pay over the 10-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax credit. The GOED Board has approved a post-performance tax credit not to exceed $14,386,550. Each year that Malouf meets the criteria in its contract with the state, it will earn a portion of the total tax credit.
“Malouf has found a home in Nibley and is a model for providing opportunity to Cache County’s talented workforce, and lending community support through philanthropy,” said Theresa A. Foxley, president and CEO of EDCUtah. “As a company with growing international reach, they have a choice of where to expand, and we’re thrilled that they’re continuing to invest in Utah.”
“Six years ago, Malouf took a chance on our community and moved from Logan to Nibley, said Shaun Dustin, Nibley city mayor. “Since then, they have been a dynamic and exciting driver of economic development in Nibley and a model corporate partner. We would like to thank Sam Malouf and his team, Lt. Gov. Cox, Governor Herbert, the Governor’s Office of Economic Development, the Cache County School District, and all of those that have worked so hard to make their continued investment in Nibley and Utah possible. This is an exciting partnership.”
State of Utah Tax Credit Projections by the Numbers
|Capital Investment||120 million|
About Utah Corporate Incentives
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, according to statute (U.C.A. 63N-2-106(2)), companies can receive a refund of up to 30% of the 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.