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Salt Lake City – Medical technology company Ottobock plans to expand its existing manufacturing and R&D center in Utah, adding 80 new jobs to the state in the coming years.
Ottobock, based in Germany, manufactures advanced prosthetic devices along with a diverse portfolio of products and services including mobility and seating systems, custom orthotics, orthopedic devices and many others.
“The functions that will relocate and merge with current operations in Salt Lake City, Utah will take advantage of our existing infrastructure and build synergies within manufacturing to better support evolving policy and procedure compliance,” said Andreas Schultz, president and CFO Ottobock North America.
As part of a contract with Ottobock, the Governor’s Office of Economic Development board of directors approved a maximum cap tax credit of $392,019 in the form of a post-performance economic development tax increment finance (EDTIF) incentive, which is 20 percent of the net taxes Ottobock will pay over the seven-year life of the agreement. Each year as Ottobock meets the criteria in its contract with the state, it will earn a portion of the tax credit incentive.
Throughout the seven-year life of the agreement with the state, the company will pay out $16.2 million in new state wages. Utah’s economy will also benefit from $1.96 million in new state tax revenues and $1 million in capital expansion investment.
The company’s mission is to restore and improve the independence of people with mobility challenges and improve their quality of life. That mission has also inspired the company to create the Ottobock Foundation to help care for survivors of natural disasters and to partner with many local and global nonprofit organizations with the goal of improving the level of care provided to underprivileged individuals all over the world.