August 9, 2013

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Article

ATK Signs Incentive Deal with State to Expand Office

Press Release

August 9, 2013

Clearfield — ATK Aerospace Structures has announced an additional expansion of its Clearfield-based offices.
Three years ago, ATK announced an expansion of 802 new high-paying jobs over a 20-year agreement with the state. Today the Governor’s Office of Economic Devleopment and ATK announced that a modification to the original incentive has been approved and an additional 200 jobs will be added, totaling 1,002 new jobs in a 20-year period. All of the additional jobs are expected to pay at least 160 percent of Davis County’s average annual wage, including benefits.

“Utah’s superior workforce allows ATK to drive affordable innovation and execution excellence in developing highly engineered products,” said Joy de Lisser, vice president and general manager of ATK Aerospace Structures division. “ATK is proud of the composite center of excellence we have built in Utah and values our continuing relationship with the state and the Governor’s Office of Economic Development.”

Over the lifetime of the agreement, ATK is expected to pay approximately $214 million in new state wages for the additional employees and $8 million in new state taxes.

ATK Aerospace Structures creates composite structures for the aerospace and defense industries. ATK composites are manufactured and developed mainly in Utah.
The GOED Board of Directors approved a restructuring of the original post-performance EDTIF incentive for ATK of $19,307,734, representing 27.18 percent of new state wages over 20 years. The restructured post-performance incentive approved an Industrial Assistance Fund (IAF) grant representing $2,500 per employee for up to 665 employees to partially offset training, retention, program delays and construction of facilities. The total restructured incentive will now be $21,307,734 and will not exceed 30 percent of new state revenue over the same 20-year period as the original incentive.

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