Packsize International Expands Salt Lake City, Utah Operations Center
“Utah’s bright entrepreneurial community and labor market make it attractive for Packsize to compete globally from here,” said Packsize CEO Hanko Kiessner. “We affirm our commitment to serving as a proud member of Utah’s growing community of companies that are participating in building the Industrial Internet of Things as part of the fourth industrial revolution, with a focus on sustainability and the circular economy.”
“Packsize’s innovative technology helps companies decrease waste and improve their bottom line,” said Michael Flynn, Chief Marketing Officer and acting Chief of Staff at the Economic Development Corporation of Utah. “This win-win value proposition will allow them to continue to prosper for years to come. Having that future growth take place in Utah is a tremendous win for the state.”
The Packsize project will create up to 354 jobs over the next seven years. The company may earn up to 20 percent of the new state taxes they will pay over the seven-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate.
As part of the contract with Packsize, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,202,029. Each year as Packsize meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
“Packsize is making an exceptional investment in our community,” said Val Hale, Executive Director of GOED. “The company’s commitment to the environment, while improving business efficiency, will have a positive impact for years to come. We’re proud they will call Utah home as they continue to expand internationally.”
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