PAYSON - The Board of the Governor's Office of Economic Development (GOED) met today to consider a new business expansion in the state and approved a post-performance tax rebate to assist a Utah-based safe manufacturing company to expand in Utah.
Liberty Safe and Security Products, Inc. will invest $8 million in the development of an expanded production facility in Payson, Utah. The operation when completed will employ more than 50 new full time staff with wages in excess of 125% of the Utah County average wage, including full benefits. New state wages paid by the company, over the seven year life of the incentive, will exceed $10 million and the State expects to receive over $2 million in new taxes over the same period.
"I am pleased that the Governor's Office of Economic Development will assist this Utah company expand its operations in our state." said Governor Gary Herbert. "Liberty Safe and Security Products sells its products all around the world. As they expand their operations, they will help to boost Utah's already thriving manufacturing and export base, provide stable jobs, and further strengthen our dynamic economy."
"The attractive business conditions, as well as continued support from Payson City and the State of Utah have been important factors in Liberty Safe's success in Utah and its decision to expand," said Jeff Talley, CEO/President, Liberty Safe and Security Products, Inc.
The State and Payson City worked together with the company in bringing this expansion about. "On behalf of Payson City, we are pleased Liberty Safe has made the decision to expand their business in Payson City. The City has enjoyed a great relationship with Liberty Safe for many years. They have been a support to the city and have helped the local economy by providing good paying jobs. We look forward to continuing this relationship for many years in the future," said Richard D. Moore, Payson City Mayor
The State will be providing a post-performance incentive of $342,000 under the EDTIF program representing 15% of total Project State revenue for 7 years.
Liberty Safe was founded in 1988 and is headquartered in Payson, Utah. It currently employs approximately 255 and has operation in Georgia, Illinois, Minnesota, Pennsylvania, Tennessee and Utah. The company manufactures and sells residential safes in the U.S. and Canada. In addition, the company offers a line of home, gun, office and commercial safes under several popular brands-Liberty, National Security, Freedom Security and Centurion as well as licensed brands such as John Deer and Remington and private labeled safes for Cabela's. Liberty Safe distributes its products through an independent dealer network throughout the U.S. as well as major retailers such as; Gander Mountain, Cabela's, The Sports Authority, Lowe's, Sam's Club and several others. In total, Liberty Safe's products can be found in over 4,000 retail locations.