The Utah Governor’s Office of Economic Opportunity (Go Utah) is pleased to announce that Owens Corning will expand its facility in Utah, adding up to 70 new high-paying Utah jobs in the next 10 years.
“We’re very excited for Owens Corning to expand its operations capabilities in Juab County,” said Dan Hemmert, Go Utah’s executive director. “This expansion will add to Utah’s growing manufacturing industry and create more job opportunities for Utahns. Additionally, we’re thrilled by Owens Corning’s commitment to the safety and well-being of its people and its tradition of giving back to the communities in which they operate.”
Owens Corning is a global building and industrial materials leader headquartered in Toledo, Ohio. The company’s three integrated businesses are dedicated to manufacturing and advancing a broad range of insulation, roofing, and fiberglass composite materials. Leveraging the talents of 19,000 employees in 33 countries, Owens Corning provides innovative products and sustainable solutions that address energy efficiency, product safety, renewable energy, durable infrastructure, and labor productivity. The company’s existing facility in Nephi, Utah, produces unbonded loosefill (ULF) fiberglass insulation and employs about 40 people.
Owens Corning may earn up to 50% of the new state taxes it will pay over the 10-year life of the agreement in the form of a Utah Legislature-authorized Rural Economic Development Tax Increment Finance (REDTIF) tax credit. The Go Utah Board has approved a post-performance tax credit not to exceed $2,521,537. Each year Owens Corning meets the criteria in its contract with the state, it will earn a portion of the total tax credit.
“Having a nationally recognized brand like Owens Corning select Juab County for expansion fits well our vision of a quality job for every aspiring Utahn, including those in our rural communities,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah (EDCUtah). “Not only will the company pay desirable wages for the county, but this project will also triple the size of the workforce, representing a significant capital expenditure circulating in the local economy.”
State of Utah Tax Credit Projections by the Numbers
|Capital Investment||$52.5 million|
|REDTIF new state taxes||50%|
About Rural Utah Corporate Incentives
The Utah Legislature has authorized economic development incentives in the form of post-performance tax credits to promote rural businesses development. Eligible companies work with the Utah Governor’s Office of Economic Opportunity to outline specific performance criteria. Once the Office confirms those criteria have been met, according to statute (U.C.A. 63N-2-104(c)(ii)), companies can receive a refund of up to 50% 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.