Producing a quality product is every company’s goal, and it is especially important when those products may affect a person’s life. MasterControl software helps highly regulated companies produce quality products that meet the strictest compliance standards. The Governor’s Office of Economic Development (GOED) announced today that MasterControl will expand its Salt Lake-based operations.
“Utah is renowned for its business friendly climate,” Governor Gary R. Herbert said. “Like Utah, MasterControl recognizes the importance of sensible regulation and is in business to help key industries innovate and grow.”
MasterControl will create 197 new high paying jobs. Over the 5 year life of the agreement with the state, the company will pay out more than $54,120,978 in new state wages. All of the incented jobs will pay at least 125 percent of the county’s average annual wage including benefits.
During the same time period, MasterControl will pay approximately $4,180,294 in new state taxes and will invest over $15,000,000 in capital expansion at the Salt Lake headquarters.
“We operate on the principle of delivering success to our customers, with the view that our employees are the most significant contributors and resource in that value stream,” said MasterControl CEO Jon Beckstrand. “As a result, we purposely place our product design, engineering, and services employees close to our customers. That definitely runs counter to most of our competitors, who have chosen to outsource their technical jobs far away from customers, in lower cost markets. They may see short-term gains, but our strategy is focused on long-term value and success for our customers.”
MasterControl produces quality software products that enable companies in a highly regulated environment such as Life Science companies to get products to market in a timely, cost effective and efficient manner. They have built a reputation for producing easy to implement, easy to validate and easy to use quality management software. MasterControl’s headquarters are located in the technology-prime Cottonwood Heights area of Salt Lake in a new LEED Gold Certified sustainable building space that features offices and conference rooms named after famous Utah natural landmarks.
“The most reliable indicator of a strong business climate is the decision by a company in an existing industry to expand locally,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “We are pleased that MasterControl has made that choice in Salt Lake City.”
The GOED Board of Directors has approved a $836,059 Economic Development Tax Increment Finance (EDTIF) post-performance refundable tax credit, which the company can earn, or 20 percent of the net taxes paid by the company over the lifetime of the incentive.