CLEARFIELD -- The Governor's Office of Economic Development is helping Futura Industries expand its Clearfield operation and add up to 140 jobs.
The GOED board of directors has approved a one-time, post-performance refundable tax credit of $1,694,786 over eight years for the Futura expansion project.
"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 GOED. "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 as well. Futura's expansion will increase that effect and encourage others to do the same."
Futura's project is a two-phase expansion of the company's aluminum extrusion line and its anodic process line. The company has scheduled an early 2012 start for the project and said the expansion will add more than 140 jobs to the company's Utah operation.
Sue Johnson, president of Futura Industries, said that during the past four years the company has experienced tremendous growth in revenue and income.
"We are at a critical juncture where expansion of our operating facilities is imperative," Johnson, said. "The State of Utah has been an outstanding location in which to build and grow our business."
GOED also announced Thursday that it is aiding the expansion plans of L-3 Communications West in Salt Lake City, which it said will create 500 new jobs.
L-3 Communications, a multinational corporation that has current operations in the state, received a one-time, post-performance refundable tax credit of $5,526,682 over the 10-year life of its expansion project. L-3 Communications has committed to hiring up to 500 new employees at 125 percent of the Salt Lake County average wage.
L-3 Communications, which has operations in eight countries and 20 U.S. states, is a prime contractor in command, control, communications, intelligence, surveillance and reconnaissance systems, aircraft modernization and maintenance, and government services. Its Utah division, Communication Systems West, provides network engineering, software integration, hardware manufacturing and test support services for the military/defense market.