October 12, 2012

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Article

ENVE Composites, Inc. to add 324 New High Paying Jobs in Utah

Press Release

October 12, 2012

As Utah’s reputation of being the home to a great outdoor experience and quality of life grows many companies have chosen to locate in the State. Expanding in Utah’s Outdoor Products cluster is ENVE Composites, Inc., who manufactures high end carbon fiber composite products for the cycling industry. In the cycling world, the company’s products are well known and ridden by some of the best athletes in the world. Renowned for making the most durable wheels on the market, ENVE is also the first and only carbon rim to win a Downhill and XC Marathon World Championship. 

ENVE will open its newest facility in Ogden, Utah, bringing 324 new jobs to the State over the next seven years. These jobs will pay wages at a minimum of 125 percent of the Weber County average wage, including benefits.

“Utah’s Outdoor Products and Recreation industry cluster is rapidly growing. We are happy to welcome ENVE Composites’ new facility to our Utah business community,” Gov. Gary R. Herbert said. “ENVE’s forward thinking mindset and unique company skillset will be a positive addition to our State’s economy.”

ENVE Composites, Inc. manufactures wheels, forks, seat posts, handlebars and stems along with composite tubes for custom bicycle frame builders. Because of ENVE’s patented technology, it produces 100 percent of its bicycle rims in the United States and the rims known for the highest strength to weight ratio on the market.

“ENVE is committed to U.S. manufacturing,” CEO Sarah Lehman said. “The State’s support will make on-shoring jobs from Asia and our expansion possible.”

“This important incentive offered to ENVE by the GOED Board is a tangible demonstration of our state’s commitment to expanding Utah businesses. ENVE’S decision to expand within Ogden’s Outdoor Recreation Cluster was based on their thorough evaluation of all regional and international expansion options; we’re extremely pleased that Ogden won.  ENVE is an important business partner to Ogden,” said Mike Caldwell, Mayor of Ogden.

“Utah has a large worldwide market for outdoor products and composites. With the expansion of ENVE’s facility in Utah, we will continue to maintain our reputation of producing some of the best goods in the nation,” GOED executive director Spencer Eccles said. “We are also happy to work with ENVE to keep high-paying jobs from going overseas.”

In support of ENVE’s job creation and $20 million capital investment, the Utah Governor’s Office of Economic Development (GOED) Board of Directors has approved an Economic Development Tax Increment Finance (EDTIF) post-performance refundable tax credit of up to $1,336,424, or 25 percent of new state tax revenues collected from the company over the incentive’s lifetime.

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