ENVE Composites, Inc., a manufacturer of high end carbon fiber composite products for the cycling industry, will invest $20 million to open a new production facility in Ogden, Utah, with plans to create 324 jobs.
"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."
The firm manufactures wheels, forks, seat posts, handlebars and stems along with composite tubes for custom bicycle frame builders. Because of ENVE's patented technology, they produce 100 percent of their bicycle rims in the United States and are known for the highest strength to weight ratio on the market.
ENVE will open their 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. Over the seven year life of the project, ENVE will pay over $63 million in new wages. During the same time period, the company will pay $5.3 million in new taxes.
"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," Governor Gary R. Herbert said. "ENVE's forward thinking mindset and unique company skillset will be a positive addition to our State's economy."
As an incentive in support of ENVE's job creation and $20 million capital investment, the Utah Governor's Office of Economic Development Board of Directors has approved an Economic Development Tax Increment Finance 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.
"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."
