Whey Finance

Incentives go to financial services companies, equipment manufacturers and startups

By Brice Wallace

Much like its July meeting, the August meeting of the Governor’s Office of Economic Opportunities (Go Utah) Board of Directors was a busy one. The board approved not only a huge incentive for the Malouf companies, but also tax credits for three other companies.

AmTrust Financial

AmTrust Financial Services Inc. will open an office in southern Jordan and create up to 180 jobs over the next five years. The company has been approved for a tax credit of up to $ 244,262.

AmTrust is a New York-based multinational insurance holding company that offers specialty damage insurance products including workers ‘compensation, business owners’ insurance (BOP), liability general civil and extended service, as well as warranty coverage.

“We remain committed to our existing offices and are delighted to announce the opening of an office in the greater Salt Lake City area,” said Andrew Morgan, executive vice president and chief claims officer at AmTrust Financial, in a statement. . “This allows us to better balance workloads and gives us a competitive advantage. The new office supports AmTrust’s growth in the Western United States to better serve our agents and small businesses.

The $ 1 million project is expected to generate new salaries of over $ 43.2 million over five years and new state tax revenue of over $ 1.6 million during that time. The new jobs are expected to bring in an average of $ 66,083.

The new positions will include claims assistants, adjusters / examiners and
supervisors / managers. The company planned to lease 10,000 square feet initially and up to 25,000 square feet within a few years.

“We are delighted that AmTrust is joining us in Utah and strengthening the state’s strong financial services industry,” said Daniel Hemmert, executive director of Go Utah, in a prepared statement. “One thing that stands out with AmTrust is that they have a training program for new and experienced employees that helps them attract employees. We welcome AmTrust to the great state of Utah.

“As the pandemic has delayed the scheduled office, we are delighted that AmTrust has chosen to move forward,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah, in a statement. “We know the company will find a productive location in southern Jordan, and we hope this project is a harbinger of other future projects in Utah’s financial services industry.”

“South Jordan City welcomes AmTrust as a new corporate citizen and partner,” said Brian Preece, Director of Urban Commerce for South Jordan. “We look forward to working with the company and its staff to continue the long history of southern Jordan as a great place to live and do business. “

Weir slurry group

Weir Slurry Group Inc. has received approval for a tax credit of more than $ 1.2 million over 10 years, linked to the creation of up to 133 jobs as part of an expansion of its operations in West Valley City and the relocation of its US headquarters from Wisconsin to serve the US and North American markets. It already has 150 employees in Utah with its rubber manufacturing plant.

Weir Slurry Group is the US operating entity of Weir Minerals based in Wisconsin and a subsidiary of Weir Group USA Inc., which is owned by Weir Group PLC, a 150-year-old Scottish company. It is a world leader in slurry handling equipment and associated after-sales support for high wear abrasive applications. Its technology is used in mining, oil & gas, and general industrial markets around the world to improve safety, efficiency and durability.

“This expansion allows Weir to support the future growth of our key markets,” said Ermanno Simonutti, general manager of the North America region, in a prepared statement. “It also reaffirms Weir’s commitment to Utah.”

The $ 22.6 million project is expected to generate new salaries of nearly $ 113.2 million over 10 years and new state tax revenue of over $ 6.1 million during that time. New jobs are expected to pay an average of $ 103,030.

“As Utah’s manufacturing industry continues to grow, the expansion of the Weir Group will be a great addition to the strong existing workforce,” Hemmert said. “With this growth, the company plans to purchase goods and services from suppliers based in Utah, which is a win-win scenario. We love to see this and welcome the Weir Group to Utah.

“We are delighted that the Weir Group has chosen to double its investment in Utah,” Foxley said. “The company’s experience here in the state, as well as its proximity to an expanding customer base, made it easier for its decision to expand here in Utah. “

Perfect day

Perfect Day Inc. will create 64 jobs over five years as it expands its organic foundry arm, known as Scalable Bio Foundry Inc. (SBF), in Salt Lake County.

Perfect Day is a biotechnology start-up with around 150 employees. Based in Berkeley, California, it has developed processes for creating dairy proteins, by fermentation of microflora, in bioreactors, instead of extraction from bovine milk.

The company claims the result is the taste, texture and nutrition of conventional dairy products, but produced with 97% less greenhouse gas emissions and without the drawbacks of factory farming, lactose, hormones or antibiotics.

Its signature whey protein is sold in products across the country. Perfect Day acquired SBF Inc. in 2020 as part of its plans to create a next-generation supply chain.

“Our mission is urgent. This expansion further strengthens our platform’s end-to-end, strain-to-shelf capabilities, a boon for Perfect Day, our SBF customers, and our B2B and catering partners, ”said Bonney Oommen, Product Manager and strategy, in a prepared press release. declaration.

“Since acquiring SBF, we have been impressed by the caliber of talent we have encountered in Utah and their shared passion for our mission. We look forward to working with the Governor’s Office of Economic Opportunities and its Board of Directors as we continue to grow together.

Go Utah’s board of directors has approved a tax credit of up to $ 605,613. The $ 20 million project is expected to generate new salaries of nearly $ 16.6 million over five years and new state tax revenues of about $ 3 million during that time. New jobs are expected to pay an average of $ 71,406.

The new positions will be in research and development, business development, finance and accounting, maintenance and quality, as well as potential senior management positions.

“We are delighted that Perfect Day has chosen Utah to expand its critical organic foundry initiatives,” said Hemmert. “The company has a business model based on sustainability, and we are excited to support the impact Perfect Day will have. “

“Perfect Day is at the crossroads of life sciences and innovative food production, both of which are strong industries in Utah,” Foxley said. “From technical staff to production staff, we know the company will find the Salt Lake City area talent pool to make it a successful place to do business.