Today, the Utah Governor’s Office of Economic Opportunity awarded Central States Manufacturing, Inc. a post-performance tax reduction for its expansion in Tooele City. The corporate incentive is part of the state’s Rural Economic Development Tax Increment Financing (REDTIF) program.
As part of the agreement, Central States Manufacturing projects to add over 90 new, high-paying jobs and invest over $25 million in rural Utah during the next five years.
“Central States Manufacturing is an organization that provides exceptional products and services to its customers, in addition to the value it places in its workforce,” said Ryan Starks, executive director of the Governor’s Office of Economic Opportunity. “The company’s unique business structure speaks to its commitment to the well-being of its employees in addition to the growth of the company. We’re proud for Central States Manufacturing to join many estimable employers in Utah’s business community.”
Central States Manufacturing produces industry-leading metal building components for residential, commercial, and agricultural projects. Its products are designed with advanced features to ensure long-lasting protection against fading, dents, and rust. As a renowned industry leader, Central States is dedicated to creating financial opportunities for its employees. It achieves this by exceeding customer expectations, fostering raving fans, and actively contributing to the betterment of communities.
“We’re thrilled to share the exciting news that Central States Manufacturing is embarking on an expansion of our manufacturing footprint in the western region,” said Tim Ruger, president of Central States Manufacturing. “This strategic move will allow us to further strengthen our commitment to providing exceptional service and support to our valued customers. We would like to express our sincere appreciation to Utah and Tooele for their invaluable assistance throughout our search and selection process. Their support has played a crucial role in making this expansion a reality, and we’re eagerly looking forward to serving the Tooele community. This expansion also brings with it a unique opportunity for employee-ownership, which will contribute to company and individual success and growth.”
“Central States Manufacturing’s employee-focused culture is an excellent fit for Tooele City,” said Scott Cuthbertson, president and CEO of EDCUtah. “Generational investments of this caliber are exactly the opportunities we want to match with family-centered communities like Tooele.”
“Tooele City is thrilled to welcome Central States Manufacturing into our community,” said Jared Stewart, economic development director with Tooele City Corporation. “As a company that offers an annual contribution in company stock to its employee-owners, we know they will value our residents who become their workforce. City leadership appreciates the company values that Central States Manufacturing has shown, and we believe they will add to our shared sense of community pride.”
Tax Credit Projections
|New state tax revenue:||$5,157,629|
|REDTIF new state tax credit:||25%|
Learn more about the state’s post-performance REDTIF program here.