The Utah Governor’s Office of Economic Opportunity (Go Utah) is pleased to announce that the Weir Group plans to expand its operations in Utah, adding up to 133 new high-paying Utah jobs in the next 10 years.
“As Utah’s manufacturing industry continues to grow, the Weir Group’s expansion will be a great addition to the existing robust workforce,” said Dan Hemmert, the Office of Economic Opportunity’s executive director. “With this growth, the company plans to purchase goods and services from Utah-based suppliers, which is a win-win scenario. We love to see this and welcome the Weir Group to Utah.”
The Weir Group is a 150-year-old company headquartered in Glasgow, Scotland. Weir is a global leader in slurry handling equipment and associated aftermarket support for abrasive, high wear applications. Its technology is used in mining, oil and gas, and general industrial markets worldwide to improve safety, efficiency, and sustainability.
“This expansion enables Weir to support future growth for our key markets,” said Ermanno Simonutti, North America Region managing director. “It also reaffirms Weir’s commitment to Utah.”
The Weir Group may receive up to 20% of the additional 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 Go Utah Board has approved a post-performance tax credit not to exceed $1,225,081. Each year that the Weir Group meets the criteria in its contract with the state, it will qualify for a portion of the total tax credit.
“We’re excited that the Weir Group has chosen to double down on its investment in Utah,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah. “The company’s experience here in the state, as well as its proximity to an expanding customer base, has made its decision to grow here in Utah an easy one.”
State of Utah Tax Credit Projections by the Numbers
|Capital investment||$22.6 million|
|Projected new state tax revenue||$6,125,406|
|EDTIF new state taxes||20%|
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 Opportunity to outline specific performance criteria. Once the office 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.