UT: CSM Bakery to Invest $30M, Double Facility Size in Weber County, Add 100 Jobs
15 Jul, 2014
Together with the Governor’s Office of Economic Development (GOED), CSM Bakery announced it will expand its existing Weber County operation. In 2014 a new cookie line will be added and over the next six years the company will double its current facility’s size in Weber County.
CSM Bakery indicates that it operates 11 manufacturing facilities and two research and development centers. CSM produces a variety of cakes, cookies, brownies, muffins, bakery mixes, icings, toppings, fruit and crème fillings and laminated dough and pastries. CSM sells goods in varying formats, including finished goods, ready-to-bake and baking components. Major customers include grocers, food retailers, bakeries and food service operators.
CSM Bakery has indicated that they will be creating 100 new jobs over the next six years. The total wages, including medical benefits, in aggregate are expected to exceed 125 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $12,582,743. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $1,567,621 over six years. The new CSM Bakery facility has the potential to result in an expected capital investment of $30,400,000.
As part of a contract with CSM Bakery, the GOED Board of Directors has approved up to a maximum tax credit of $313,524 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes CSM Bakery will pay over the six-year life of the agreement. Each year as CSM Bakery meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.
Those interested in working for CSM Bakery should go to csmbakeryproducts.com, hover their mouse over the about us tab and then click on careers.
About the Utah Governor’s Office of Economic Development (GOED) www.business.utah.gov
The Governor’s Office of Economic Development (GOED) charter is based on Governor Gary Herbert’s commitment to economic development statewide. Utah’s economic development vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business destination. The mandate for this office is to provide rich business resources for the creation, growth and recruitment of companies to Utah and to increase tourism and film production in the state. GOED accomplishes this mission through the administration of programs that are based around targeted industries or “economic clusters” that demonstrate the best potential for development. GOED utilizes state resources and private sector contracts to fulfill its mission. For more information please contact: Michael Sullivan, 801-538-8811 or email@example.com.