ATK Selecting A Site In Utah As Headquarters For Proposed Spin-off Company, Vista Outdoor
In April 2014, ATK’s Board of Directors unanimously approved a plan to create two independent, public companies, which involves the spin-off of ATK’s sporting business to a new, publicly traded company, Vista Outdoor. The company will be a leading global designer, manufacturer and marketer in the growing outdoor sports and recreation markets.
“ATK is pleased to partner with the State of Utah as it establishes a new, global headquarters for Vista Outdoor,” said Mark DeYoung, ATK President/CEO. DeYoung, a Utah native, has been named as the Chairman/CEO for Vista Outdoor. “Utah’s talented and well-educated workforce, high quality of life, appeal to outdoor enthusiasts, and increasing position as hub for outdoor recreation companies support our decision to establish and consolidate the headquarters for this new and exciting company.”
As part of a contract with Vista Outdoor, the GOED Board of Directors has approved up to a maximum tax credit of $1,344,760 in the form of a post-performance Economic Development Tax Increment Finance incentive, which is 20 percent of the new state taxes Vista Outdoor will pay over the seven-year life of the agreement. Each year as Vista Outdoor meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.
“The addition of Vista Outdoor to Utah will bring new, high-paying jobs to an industry that is highly important to the state,” said Val Hale, Executive Director of GOED. “The Outdoor Industry Association’s latest economic report indicated that for every dollar that consumers spend on outdoor gear and recreational vehicles, they will spend four times that using the product.”
Vista Outdoor will have manufacturing operations and facilities in approximately 10 states, including Gold Tip in Orem, Utah, along with international sales and sourcing locations, state officials said. Vista Outdoor intends to create approximately 90 new jobs over the next seven years.
"EDCUtah is excited that Vista Outdoors has made the decision to locate their new global headquarters in Utah,” said Jeff Edwards, President/CEO of the Economic Development Corporation of Utah. “We expect Vista will quickly become an important part of the outdoor product industry in the state.”
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