Young Living Essential Oils, along with the Utah Governor’s Office of Economic Development (GOED), announced plans today to expand its presence in the state and create 445 jobs over seven years.
“The success experienced by Young Living Essential Oils is a testament to the friendly business environment the state offers to home grown businesses,” said Governor Gary R. Herbert. “More than two decades ago the business started because of a demand for organic essential oils. Now, it is growing not just regionally or nationally, but internationally.”
“Young Living has deep roots in Utah,” said Travis Ogden, Young Living Chief Operating Officer. “As the birthplace and headquarters of Young Living, Utah has always been our company’s home and we are excited to continue growing here and creating hundreds of new jobs.”
Young Living Essential Oils was started in Riverton, Utah in 1993 by Gary Young. Fueled by a growing demand for pure essential oils, Young Living designed and built the largest, most technologically advanced distillery for the production of essential oils in North America. The company has grown from a single herb farm to become the world leader in essential oils and wellness solutions with operations worldwide.
Young Living Essential Oils, LLC has indicated that they will be creating 445 new jobs over the next seven years. The total wages, including medical benefits, in aggregate are expected to exceed 125 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $174,461,476. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $43,769,871 over seven years. The new Young Living Essential Oils global headquarters, manufacturing and distribution facility have the potential to result in an expected capital investment of $82 million.
As part of a contract with Young Living Essential Oils, LLC, the GOED Board of Directors has approved up to a maximum tax credit of $8,753,974 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes Young Living Essential Oils will pay over the seven-year life of the agreement. Each year as Young Living Essential Oils meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.
Those interested in seeking employment with Young Living Essential Oils, LLC should go to http://www.youngliving.com/en_US/company/careers.
Media inquiries: Please contact GOED's Media Relations Manager, Tony Young, at email@example.com or 801-538-8722.