Today, the Utah Governor’s Office of Economic Opportunity awarded Campbell Soup Company subsidiary, Pepperidge Farm Inc., a post-performance tax reduction for its bakery expansion in Cache County. The corporate incentive is part of the state’s Rural Economic Development Tax Increment Financing (REDTIF) program.
As part of the agreement, the company projects adding 86 new, high-paying jobs and investing $160 million in rural Utah during the next 10 years.
“Pepperidge Farm has been a long-standing pillar in the food industry in northern Utah, and we’re pleased to see the company expand its footprint,” said Ryan Starks, executive director of the Utah Governor’s Office of Economic Opportunity. “Utah has a diverse and thriving agricultural landscape where companies like Pepperidge Farm can leverage local resources and producers. This expansion will continue to foster partnerships within the local supply chain, create many new jobs, and support the economy in rural Utah.”
The company is investing in its Richmond, Utah bakery to expand production of Goldfish crackers to help meet increased consumer demand. The new line will increase the bakery’s output of Goldfish by 50% and produce over five million Goldfish per hour, or 1,500 Goldfish every second. The expansion also includes the construction of an onsite flour mill that will be separately owned and operated.
“We’re thrilled to be investing in our Richmond bakery to support the growth of our business and the community,” said Chris Foley, executive vice president of Campbell Soup Company and president of Campbell’s Snacks. “We appreciate the support from the state and look forward to seeing the positive impact this project will have on the local economy.”
With a bakery in Richmond and operations in Logan, the company currently employs more than 400 people in the Cache Valley region. The bakery, which has made Pepperidge Farm products for over 50 years, was recently named one of the top employers in northern Utah by the Cache Valley Daily and Cache Valley Media Group.
“Pepperidge Farm has a long-standing history of quality corporate citizenship, and we’re thrilled to see them reinvest in rural Utah,” said Scott Cuthbertson, president and CEO of EDCUtah. “This expansion aligns with the state’s focus on food security, and it demonstrates the impact of local community involvement in business retention efforts.”
“Pepperidge Farm brings a welcome expansion to Cache County’s economic and agricultural base,” said Cache County executive, David Zook. “For decades, Pepperidge Farm has been an important employer for Cache County residents, as well as a valued partner to our local farmers.”
Tax Credit Projections
| Timeline: | 10 years |
| Jobs: | 86 |
| Wages: | $48,340,460 |
| New state tax revenue: | $1,685,874 |
| REDTIF new state tax credit: | 20% |
Learn more about the state’s post-performance REDTIF program here.