Moog, Inc., an industry-leading designer and manufacturer of motion and fluid control systems and components, recently announced that it would be expanding its operations in Salt Lake County, Utah. The 120 jobs being added to the current facility are expected to generate nearly $5 million in new state revenue and $2.23 million in capital investment.
These new positions will focus on the assembly and testing of a new turreted weapon system called the Reconfigurable Integrated-weapons Platform (RIwP). The RIwP is a lightweight system that allows soldiers to reconfigure weapons systems on the battlefield. Instead of a fixed concept for mounted machine guns and other similar weapons systems, the RIwP enables them to be changed out to match situational needs. According to Moog, there are over one hundred configurations available.
A post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate could allow Moog to get back as much as 20 percent of the state taxes it will pay over the ten-year life of the agreement. As part of the contract with Moog, the Governor’s Office of Economic Development (GOED) Board of Directors has approved a post-performance tax credit rebate not to exceed $980,754. Each year, as Moog meets the criteria in its contract with Utah, it will earn a portion of the total tax credit rebate.
Image Credit: Moog/http://www.moog.com/about-us/components-group/moog-components-group-operations-locations-directions.html