$25 million CAPEX
“We welcome Hexcel as it expands in Utah,” said Dan Hemmert, executive director of the Governor’s Office of Economic Development. “Their decision to grow here will create many high-paying jobs for Utahns in skilled science and advanced technology. Hexcel also has an excellent training program that will serve to develop Utah’s workforce further and help its employees develop the skills they need to succeed.”
Hexcel is a global advanced composites technology leader, manufacturing carbon fiber, woven reinforcements, resins, prepregs, honeycomb, and additive manufactured parts for customers in commercial aerospace, space and defense, and industrial markets.
“We’re grateful for the support that Utah continues to provide to Hexcel, and we’re excited to announce this investment in innovation today to ensure our continued leadership tomorrow,” said Nick Stanage, Hexcel chairman, CEO & president. “This new site will provide much-needed room to expand our research, to broaden our portfolio, and to offer our customers an enhanced opportunity to collaborate with us on the latest composite technology developments for aerospace, space and defense, and industrial applications.”
The GOED Board has approved a post-performance tax credit not to exceed $1,531,318. Each year that Hexcel meets the criteria in its contract with the state, it will earn a portion of the total tax credit.
The GOED Board also approved an Industrial Assistance Fund Economic Opportunity Grant for up to $200,000 for infrastructure-related expenses. The grant will provide infrastructure support for the Hexcel site and help create better access to the area.
“Hexcel has been an important part of the West Valley City business family for many years,” said Jeff Jackson, director of Business Development for the RDA and Economic Development Division for West Valley City. “This expansion represents a long-term commitment by Hexcel, which includes great employment opportunities as well as joint long-term economic outcomes. We look forward to our ongoing partnership.”
This new R&T center will be the company’s largest center for innovation and product development in North America and a showcase for the company’s advanced composites technology, providing space for future growth and expansion in the years ahead. The company’s existing operations in West Valley City include its largest high-performance carbon fiber manufacturing facility in the world. The site also is home to the company’s U.S. aerospace matrix operations. About 600 people currently work at the site.
“Hexcel has been a long-time contributor to West Valley City’s economy and a reason why Utah is regarded as a marquee location for advanced manufacturing and composites,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah. “We’re thrilled with the company’s continued investment in our state.”
The company engaged Olivia Byrne of K&L Gates LLP for site selection services.
Colby Cooley, vice president of business development, led this project for EDCUtah. For more information on this or other projects, contact Colby Cooley at 801-323-4250, email@example.com.
*Team Utah is a public-private partnership including the Utah Governor’s Office of Economic Development, the Economic Development Corporation of Utah, and – in the case of Project Rocket – West Valley City.
Investors: If you were involved in this project and would like to add your organization to this announcement, please email firstname.lastname@example.org
Senior Vice President of Operationsccooley@edcutah.org