SALT LAKE CITY (ABC4) – Utah-based bedding company Malouf, announced plans to expand their headquarters, adding 4,200 new high-paying jobs.
The jobs will be implemented throughout the next 20 years.
The expansion was made in partnership with the Utah Governor’s Office of Economic Opportunity (Go Utah). Go Utah is a statewide initiative that focuses on recruiting companies that offer high-paying jobs to Utah.
“In the next 20 years, the company plans to hire for jobs in finance, legal, sales and development, engineering, product development, and many more,” says Go Utah’s executive director, Dan Hemmert. “We look forward to the company’s success and wish them the best with this expansion.”
Malouf could receive a tax credit for up to 50% of its state taxes due to an agreement called the Utah Legislature-Authorized Rural Economic Development Tax Increment Finance (REDTIF).
The tax credit incentivizes companies that choose to develop and establish high-paying job opportunities in rural areas of Utah.
“The booming growth of business in Utah is a testament to the Governor’s Office of Economic Opportunity,” says 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.”