ITT Corporation announces it will bring over than 2,700 new jobs to Utah over the next 15 years (500 are planned for the near future). The new positions will be the result of ITT's expansion of its Salt Lake City, UT, composites engineering and manufacturing facility. The company said it will invest over $120 million in facilities and equipment to complete the project.
"This initiative builds on 40 years of business success in Utah," said Jim Barber, vice president of ITT Electronic Systems' Integrated Structures business. "With this new facility, ITT is responding to the rapidly growing need for next-generation aircraft materials, and strengthening Utah's economy."
Headquartered in White Plains, NY, ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. It also is one of the foremost global leaders in the aerospace composites industry. The company reported 2010 revenue of $11 billion.
Currently ITT employs 400 Utah workers. New wages are estimated to be about $1.3 billion over the term of the project, and salaries will exceed 125 percent of the Salt Lake County average salary (and include full benefits).
On Wednesday Utah's Economic Development Board approved a post-performance, single taxpayer economic development tax incentive for ITT. The maximum value of the incentive will be in the form of a $33,656,000 EDTIF post-performance refundable tax credit incentive representing 30 percent of new state revenue collected over 15 years. (ITT accepted the state's incentive offer immediately after its approval.) The company will be eligible for increments of the tax credit only after they complete the requirements for job creation and capital investment. Over the life of an agreement between the State of Utah and ITT, new state tax revenues are expected to exceed $112 million.