The Utah Governor’s Office of Economic Development (GOED) is pleased to announce that RS Technologies, Inc. (RS) will establish a manufacturing facility and office in Utah, creating up to 358 high-paying jobs in the next seven years.
“RS uses proprietary processes to design, engineer and manufacture nearly indestructible composite utility poles. We’re thrilled they’ve chosen to expand their operations in St. George, Utah,” said Val Hale, GOED’s executive director. “They chose Utah due to the company’s growing customer base in the western U.S., and because of its pro-business environment. We welcome RS to Utah and appreciate the good jobs they’re bringing to Utahns.”
A private company manufacturing its utility poles in Canada since 2003, RS has over 400 customers in more than 25 countries. RS’s poles are rugged, fire-resistant, and suitable for use in a wide range of transmission, distribution and communication applications. RS currently produces and distributes its ultra-resilient and reliable poles worldwide from its manufacturing facility in Tilbury, Ontario, Canada.
“RS is excited about establishing its operations in Utah to supply more high-performance poles to the utility market,” stated Howard Elliott, president and CEO of RS. “The advantages of using an engineered product that excels in increasingly complex and challenging circumstances are becoming more apparent across North America. RS is pleased to be in a position to respond to growing market demand, and to do so from Utah.”
RS may earn up to 20% of the new state taxes it will pay over the seven-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 $777,670. Each year that RS meets the criteria in its contract with the state, it will earn a portion of the total tax credit.
“Utah is a national leader in the composites industry. We have the talent and we have innovative manufacturers in aerospace, outdoor products and infrastructure,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “The expansion of RS in St. George is evidence that the composites industry represents a statewide strength.”
“We welcome RS’s expansion to Ft. Pierce as it joins numerous leaders in manufacturing and distribution that call St. George home,” said St. George City Mayor Jon Pike. “The hundreds of well-paying jobs this expansion will create benefits our local economy in many ways.”
State of Utah Tax Credit Projections by the Numbers
|Capital Investment||$35 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.