The Utah Governor’s Office of Economic Development (GOED) is pleased to announce that Premier Tech, Inc. will expand its footprint in Utah, adding up to 63 new high-paying jobs in the state in the next 10 years.
“We’re pleased to have Premier Tech in Davis County,” said Dan Hemmert, GOED’s executive director. “Premier Tech will add to Utah’s growing manufacturing industry, and we wish them success as they continue their growth.”
Among the largest packaging equipment manufacturers in the world, the systems and automation business of Premier Tech is committed to creating sustainable solutions that help improve the efficiency of manufacturing facilities. Their services include a wide range of solutions, ranging from weighing, feeding, bagging, and case packing to palletizing and load securing. Premier Tech’s bagging portfolio comprises several valve bag fillers used in many industries, namely in the chemical, mineral, and food sectors.
Premier Tech may earn up to 15% 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 $274,866. Each year that Premier Tech meets the criteria in its contract with the state, it will earn a portion of the total tax credit.
“After a thorough and complex evaluation process that compared several contending regions, we could not be more gratified that Premier Tech has chosen Northern Utah for its expansion,” said Chris Roybal, president of the Northern Utah Economic Alliance (NUEA). “By offering high-paying manufacturing jobs, Premier Tech will thrive in our region.”
“We congratulate Woods Cross for landing this important addition to the Northern Utah manufacturing economy,” said Bob Stevenson, Davis County Commissioner and co-chair of NUEA. “The company will find us a business-friendly region with an educational system that’s responsive to industry needs.”
State of Utah Tax Credit Projections by the Numbers
|Capital Investment||$18.8 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.
Media inquiries: Please contact GOED's Media Relations Manager, Tony Young, at firstname.lastname@example.org or 801-538-8722.