The board of the Governor’s Office of Economic Development awarded an incentive Thursday to a company that plans to invest $23 million in a new Utah plant and hire at least 276 people over the next 10 years. Fiberspar Corp., which manufactures composite pipe for the oil and gas industry, is to receive a tax credit for $1.47 million if it meets the terms of an agreement with GOED.
The full-time positions created by Fiberspar are to have average wages of more than 125 percent of the average county wage ($41,636 in Salt Lake County), including full health benefits. The company is looking at sites in Salt Lake and Tooele counties for the new plant but has not made a decision. Officials estimate that wages at the plant will total more than $80 million over the agreement’s 10-year life, and the state will receive more than $7.3 million in new taxes over that time. Salt Lake Tribune
