Futura Industries Plans $23 million Expansion To Its Utah Aluminum Processing Facility
02/14/2012
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.
Project Announcements
Daisy Brand Plans Boone, Iowa, Production Operations
04/22/2024
Canfor Expands Fulton, Alabama, Production Operations
04/22/2024
Tucker Door & Trim Plans Henrico County, Virginia, Operations
04/19/2024
Zekelman Industries Expands Blytheville, Arkansas, Operations
04/19/2024
Fibrebond Corporation Expands Webster Parish, Louisiana, Operations
04/19/2024
Master Steel Expands Hardeeville, South Carolina, Operations
04/19/2024
Most Read
-
2023's Leading Metro Locations: Hotspots of Economic Growth
Q4 2023
-
2023 Top States for Doing Business Meet the Needs of Site Selectors
Q3 2023
-
38th Annual Corporate Survey: Are Unrealized Predictions of an Economic Slump Leading Small to Mid-Size Companies to Put Off Expansion Plans?
Q1 2024
-
Making Hybrid More Human in 2024
Q1 2024
-
Manufacturing Momentum Is Building
Q1 2024
-
20th Annual Consultants Survey: Clients Prioritize Access to Skilled Labor, Responsive State & Local Government
Q1 2024
-
Public-Private Partnerships Incentivize Industrial Development
Q1 2024