May 11, 2012

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Article

Economic Development Board Assists Utah Companies Job Growth

Press Release

May 11, 2012

The Governor’s Office of Economic Development (GOED) Board reviewed and approved four companies’ business growth incentives expected to bring 1,133 new jobs and more than $160 million of capital investment to the State over the coming years. Each company plans to pay wages in excess of 125 percent of the county average wage in which it eventually locates.

“Once again, we have world class companies expanding and creating stable, high-paying jobs in Utah,” said Gov. Gary R. Herbert.  “Companies need stability and a business-friendly environment in order to thrive and grow. Utah’s deliberate efforts to provide both are clearly bearing fruit, as these expansion announcements show.”

The successful effort to secure the growth of the companies announcing expansion in Utah was brought about through the close collaboration of GOED, The Economic Development Corporation of Utah (EDCU) and local community leaders. Spencer Eccles, GOED executive director noted, “Collaboration and cooperation is a part of our ‘secret sauce.’ Each of these companies is a leader in its industry, and Utah is stronger today because each one has made the commitment to grow its workforce well into the future.”

Jeff Edwards, president and CEO of EDCUtah thanked each company for their decision to expand in Utah. “Schiff Nutrition continues to contribute to the strong food manufacturing and distribution business in Utah. Xactware is a great example of a software company achieving significant success in our IT/software industry. FLSmidth plays a key role in the global mineral processing sector with many activities in the State. And, the expansion of Peterbilt is good news for the strength of Utah’s nationally recognized trucking and logistics sector. Who could ask for more signs of a vibrant Utah economy?”

Descriptions of the companies follow:

Peterbilt of Utah
Peterbilt of Utah sells Peterbilt trucks, parts, and services from its dealership locations in Utah, Idaho, Colorado, and Nevada. The Peterbilt brand has reigned as America's premium quality truck manufacturer since the company's founding in 1939. During the past several years, Peterbilt has introduced more new products and services than at any time in its history. Peterbilt of Utah will be adding 50 new full time employees over the next five years and each position will include full benefits. The company will be paying out $43.6 million in wages during that time.

In order to support its expansion Peterbilt of Utah will invest $12 million in capital improvements and will pay $2.5 million in new state tax revenue. The agreement with GOED as approved will offer the company a post-performance tax credit of $518,138 based on the company payment of its corporate income, payroll and sales taxes paid over the five year period of the agreement.

“After 35 years on 3rd West, the Jackson Peterbilt Group of Companies is excited to move its headquarters to 2100 South in Salt Lake City in 2013. The new flagship store will double the size of our current facility and office all support staff for our 10 other dealerships in Utah, Idaho, Nevada and Colorado. We express our sincere thanks to the State and city leaders that have the vision and forethought to encourage this type of growth. Their support has been pivotal in our decision to expand.”

Schiff Nutrition
Schiff Nutrition International, Inc. (NYSE: WNI) is a leading nutritional supplement company offering more than 400 different product formulations of vitamins, nutritional supplements and nutrition bars in the United States and abroad. Schiff’s portfolio of well-known brands includes Schiff Move Free, Schiff Vitamins, Schiff MegaRed, Schiff Mega-D3, Tiger's Milk, Schiff Sustenex, Schiff Digestive Advantage,  Airborne and many other products.

Focused on quality for over 75 years, Schiff's headquarters and award-winning manufacturing and distribution facility are based in Salt Lake City, Utah. Schiff expects to invest approximately $1.5 million in growth capital in Salt Lake City over the next several years.  

During its six-year agreement with the State, Schiff will receive a $308,186 blended EDTIF post-performance tax credit for adding up to 100 new employees with full benefits. These new positions would add approximately $17.6 million in new state wages. Additionally, Schiff will receive post-performance training funds of up to $300,000 in a joint agreement with the Department of Workforce Services and GOED to extend additional job training for up to 300 of its current employees. During this same period, Schiff expects to pay approximately $17.5 million in new State tax revenue.   

“Schiff has a long-standing reputation for providing quality products, services and support, much of which is due to our strong and dedicated workforce,” stated Tarang Amin, president and chief executive officer. “We are excited about the opportunities ahead of us as we build premium brands and lead innovation in the nutritional supplements industry. We look forward to working with GOED to continue Schiff’s tradition of success in Salt Lake City and contributing to the region’s overall growth.”

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