May 24, 2010 - Utah Business Magazine
Petersen Inc. expands manufacturing operations in Utah.
At a meeting of the Governor's Office of Economic Development (GOED) Board it was announced today that Petersen Inc. a widely recognized leader in custom steel fabrication and machining will be expand their manufacturing operations in Farr West City, Utah.
The company will add 53 new full-time employees over the next several years. The average base salary will be in excess of 125 percent of Weber County average including company contributed health benefits. Over the next five years the wages for these employees is expected to exceed 10.6 million. In addition, the State is expected to receive over $900,000 in new state tax revenue during the same period.
"We are excited to have the support of our local communities and the Governor's Office of Economic Development. We remain committed to enhance the quality of life for our customesr, team members, and suppliers while continuing to grow Petersen Inc.," said Rob Despain, Vice President of Business Development for Petersen Inc.
"Petersen Inc. has long been a respected member of the Weber County business community. This expansion demonstrates how a positive partnership between State and Local government can benefit the job creating private sector," said Ron Kusina, executive director of the Weber County Economic Development Corporation.
Petersen Inc. expansion plans include over $2.5 million in capital improvements to their facility. Petersen currently employs approximately 420 people, and has a 580,000 sq. ft. facility in Ogden. Petersen is a full service company, with expertise in fabrication, machining, piping/vessels, conveyors, and field service. It specializes in close-tolerance precision machining for large and small applications. The company has become one of the top suppliers of fuel and fuel waste components to the nuclear industry, and will be manufacturing components for out of state nuclear facilities.
Under the new renewable and alternative energy incentive program or REDI, the Governor's Office of Economic Development can now provide financial incentives for business relocation and expansion to select companies that create new, high-paying jobs and bring diversity to the state economy if the company engages in renewable or alternative energy generation or related product manufacturing. Petersen's manufacturing operation will qualify for a REDI post-performance refundable tax credit of up to $344,209 over 5 years.
"Utah's vast alternative and renewable energy resources, history of innovation, and pioneering spirit position the State as an emerging leader in the changing energy economy," said Spencer Eccles, GOED executive director. "This leadership combined with our new aggressive incentive programs creates an environment where business leaders can grow the alternative and renewable energy industries."