Malouf Companies Expands Nibley, Utah, Operations Complex
Utah’s largest Certified B Corporation, the company operates in three corporate offices and seven distribution centers, spanning across six states.
“The booming growth of business in Utah is a testament to the Governor’s Office of Economic Opportunity,” said Malouf Companies CEO Sam Malouf. “We’ve been able to work together to fuel our expansion and build out our international headquarters in Cache Valley, even through a difficult year. I’m excited to see what we can accomplish with this additional support from the state.”
Malouf Companies may receive up to 50% of the additional state taxes it will pay over the 20-year life of the agreement in the form of a Utah Legislature-authorized Rural Economic Development Tax Increment Finance (REDTIF) tax credit. The Go Utah Board has approved a post-performance tax credit not to exceed $56,033,994. Each year Malouf meets the criteria in its contract with the state, it will qualify for a portion of the total tax credit.
“The number of jobs Malouf Companies plans to bring to the state will have a lasting impact in northern Utah,” said Dan Hemmert, Go Utah’s executive director. “In the next 20 years, the company plans to hire for jobs in finance, legal, sales and development, engineering, product development, and many more. We look forward to the company’s success and wish them the best with this expansion.”
Malouf’s core business is home furnishings, but has grown into six key categories (consumer products, services, technology, retail, logistics, and venture) through a suite of nationally recognized brands and powerful partnerships.
“While EDCUtah’s involvement in this specific expansion was minimal, we join the rest of ‘Team Utah’ in congratulating the company for its continued and growing presence in Cache Valley,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah.
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