$450 million CAPEX
Project Malone 2021
Team Utah* is pleased to announce that Malouf Companies™ will expand its facility in Utah, adding up to 4,200 new high-paying jobs in the next 20 years. The expansion includes capital expenditures of $450 million.
“The number of jobs Malouf Companies™ plans to bring to the state will have a lasting impact in northern Utah,” said Dan Hemmert, executive director of the Governor’s Office of Economic Opportunity (Go Utah). “In the next 20 years, the company plans to hire for jobs in finance, legal, sales and development, engineering, product development, and many more. We look forward to the company's success and wish them the best with this expansion.”
Malouf Companies™ is an innovative tech-based lifestyle and wellness conglomerate. The company brings high-quality jobs to northern Utah and operates in three corporate offices and seven distribution centers. As Utah’s largest Certified B Corporation, the company focuses on using its business as a force for good by serving a triple bottom line of people, planet, and profits.
“The booming growth of business in Utah is a testament to the Governor’s Office of Economic Opportunity,'' said Malouf Companies™ CEO Sam Malouf. “We’ve been able to work together to fuel our expansion and build out our international headquarters in Cache Valley, even through a difficult year. I’m excited to see what we can accomplish with this additional support from the state.”
The Go Utah Board has approved a post-performance Rural Economic Development Tax Increment Finance (REDTIF) tax credit not to exceed $56,033,994. Each year Malouf Companies™ meets the criteria in its contract with the state, it will qualify for a portion of the total tax credit.
“While EDCUtah’s involvement in this specific expansion was minimal, we join the rest of ‘Team Utah’ in congratulating the company for its continued and growing presence in Cache Valley,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah (EDCUtah).
Stephanie Pack, business development manager, led Project Malone 2021 for EDCUtah.
For more information on this or other projects, contact Colby Cooley, vice president of business development, at 801-323-4250, firstname.lastname@example.org.
*Team Utah is a public-private partnership including the Utah Governor’s Office of Economic Opportunity (Go Utah), EDCUtah, and – in the case of this project – Nibley and Cache County.
Investors: If you were involved in this project and would like to add your organization to this announcement, please email email@example.com
Senior Business Development Managerspack@edcutah.org