A Germany-based company that focuses on production of water-based cooling lubricants for the automotive and metal manufacturing industries, Oemeta will build a high-tech manufacturing plant in Salt Lake County, Utah, with plans to create 58 jobs during the next seven years.
“Oemeta is truly excited for the opportunity to partner with Utah in establishing our first U.S. based facility in Salt Lake county,” said Andrew Leech, President/CEO of Oemeta Inc. “We look forward to continuing work with the Utah Governor’s Office of Economic Development, in our commitment to incorporating the value of more environmentally friendly processes in industrial machining.”
As part of a contract with Oemeta, the GOED Board of Directors has approved up to a maximum tax credit of $113,447 in the form of a post-performance Economic Development Tax Increment Finance incentive, which is 20 percent of the new state taxes Oemeta will pay over the seven-year life of the agreement. Each year as Oemeta meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.
Oemeta is the preeminent green chemistry leader in industrial machining for companies including BMW and Audi. Oemeta’s cutting edge bio-based technology has a proven performance track record, while being safer and more environmentally friendly than traditional petrochemicals. Oemeta products are approved officially “green” by the U.S. Department of Agriculture.
“The addition of Oemeta to Utah’s growing list of manufacturing companies hits home two major points,” said Val Hale, Executive Director of GOED. “Utah is actively recruiting foreign firms to invest in the state and is increasingly aware of bringing environmentally friendly companies here. We are honored to be the chosen location for Oemeta’s first United States expansion.”
“Utah continues to attract high-tech companies from around the world thanks to our low taxes, sound regulations and skilled workforce,” said Jeff Edwards, President/CEO of the Economic Development Corporation of Utah. “We congratulate Oemeta on their smart decision to expand to the state.”