"Futura Industries in Clearfield, Utah will invest an estimated $23 million to expand its plant that turns heated raw aluminum into parts used in various industries ranging from automotive parts to flooring, home improvement to fitness equipment manufacturing, a spokesman for the Utah Governor's Office of Economic Development said.
Futura moved its manufacturing operations to Utah over three decades ago and now needs to increase production capacity. "During the last four years, Futura Industries Corporation has experienced tremendous growth in revenue and income. We are at a critical juncture where expansion of our operating facilities is imperative," said Sue Johnson, president of Futura Industries. "The State of Utah has been an outstanding location in which to build and grow our business."
The new project involves a two-phase expansion of the company's aluminum extrusion and anodic process line. The expansion will find Futura adding over 140 new jobs. As an incentive for expanding just north of Salt Lake City near Ogden, the Governor's Office for Economic Development approved a one-time, post-performance Economic Development Tax Increment Financing refundable tax credit of $1,694,786 over 8-year life of the project. Futura agreed to hire 143 new employees at 125% of the county's average wage. The State expects to gain nearly $12 million in revenue from the expansion.
"Over the past few years, Northern Utah has created a critical mass of high-tech manufacturing firms, and Futura Industries has been a partner in that effort," said Spencer Eccles, executive director of Governor's Office of Economic Development. "The efficiencies that are generated by companies localizing in a centralized area benefit not just each company's bottom line, but the community's overall economy.